By Agency Reporter   Thursday, 27 Jan 2011

THE Chief Finance Officer, Guaranty Trust Bank Plc, Mr. Demola Odeyemi, has urged the Central Bank of Nigeria to initiate strategies that will reduce the cost of doing business in the financial services sector.

He said financial institutions were incurring huge costs, adding that this was impacting negatively on the growth and development of the industry.

He spoke during the public presentation of polygraph by the Credibility Assessment Limited in Lagos on Tuesday. Polygraph is a mechanism that helps lie detection by prospective employees.

Odeyemi also urged the Federal Government to improve on infrastructure provision in order to reduce the cost usually incurred in the course of doing business.

He said that the cost of providing electricity and security was very high and was reducing profitability in the financial services sector.

Odeyemi also said that Nigeria’s financial sector had been negatively affected by fraud, adding that polygraph would greatly reduce the incidence of fraud in the sector.

Source: Punch