Akinsola Akinfemiwa CEO and MD of Skye Bank

What is Skye's guiding principle in the market?

We have a natural advantage because we have five banks joining forces – Prudent Bank, EIB International Bank, Bond Bank, Reliance Bank and Cooperative Bank – to create a unified Skye Bank. This, of course, poses the need for more skills and infrastructure to support the organization. A very reputable and strong group, which is playing a good role in the economy, owns Skye Bank. We also have oil companies and tie-ups with the port authorities. We are backed up by a powerful group of investors working to our advantage and supporting the endeavors of the bank. We also have an advantage of having the strength of the economy, particularly that of Lagos.
We also have capacities to invest in information technology and of course in our skilled personnel. This is an advantage that we also have, and which most of our competitors do not have. It is wonderful to learn and realize that you have a very good and skilled group of people working closely with you. Another reason for celebrating is that our country is in fact experiencing a very good economic moment. Our economy is doing very well. All the channels are doing well and moving forward.

What are your corporate advantages?

In my opinion, the Nigerian people are able to smell things quickly. They have strong initiative in terms of direction. Nigerians think clearly in terms of what to prioritize. Aside from that, we also have other nationalities like Filipinos, who contribute to the working capacity of the sector aside from the Nigerian people who commit to the success and growth of the economy.

Why should investors choose Skye Bank over the other banks in the country?

Nigeria is a good money market. Around the globe, there are few markets which maintain a very good money market. I think the trend nowadays is to focus more within the African continent, which has shown considerable growth in the past few years. Nigeria is on the top list of countries moving forward. The banking and financial sectors of this country are doing very well. Skye Bank, as the youngest in the emerging market, is just at the beginning of our niche. The other banks are almost there. A lot of investments in the market are overvalued. The prospects of Skye Bank are very good. Look at the figures and the fundamentals of what this bank is made of. I am very proud to say that our bank is excelling in areas where prospects are very good. The customers are satisfied with our services and whenever we create a campaign, people respond to it.

What are you doing to educate consumers?

I once had a chance to do a lecture in one of the schools here, from where I come from. I would like to think that we are introducing the true product to the market. We have used the hands of a child as a marketing tool. We do have campaigns for schools. We try to go to areas where we think we would be a leader or would be different. We want to go to areas where we can begin the market.

What are Skye's ambitions at the international level?

The international perception about our group is quite strong. There is a need for the world to know about us. The Governor of the Central Bank of Nigeria wants the world to know that Skye Bank is a competent bank. We believe that we have very good products to offer the market. We believe in our capabilities to come up with viable products for telecommunications, housing, and finance. Admittedly, we are new in the playing field though we put much emphasis on integrity. We plan to branch into Namibia and Angola soon. We want to tap this part of the world and proudly introduce our products.