The financial system is a locomotive for growth and banks are the main players in this system. Their importance comes with responsibilities as well. No doubt, banks have contributed to the development of the country over the years. However, I would like to see them play a more influential and active role in addressing the unbanked population through financial inclusion initiatives.
There is a moral responsibility as well for the commercial banks to develop financial services to suit the development needs of a country. Banking licences are not issued as a right, but are a privilege. Therefore, the commercial banks’ policies need to be aligned to the development needs of a country in which they operate.