By Josue F. MEHOUENOU,

Appointed Chairman of the Board of Directors of the brand new International Bank for Industry and Commerce (Biic) last June, Rizwan Haider intends to draw on his experience to write a new success story. At our microphone, the former president of the Professional Association of Banks of Benin reveals his new challenges. He takes the opportunity to take a deep look at subjects of great concern such as the consequences of the closure of the borders with Nigeria, the pandemic of the new coronavirus and the challenges of digitalization in the banking sector.

The Nation: You have more than 40 years of experience as a financier in Africa. Where does this passion for the continent come from?

Rizwan Haider: I arrived in Africa for the first time in 1979. I saw very quickly the enormous potential that this giant continent had. I told myself that the future of this continent would be bright. Time proves me right: Africa stands today as one of the most dynamic economies in the world. And she hasn't said her last word yet. On a personal level, I quickly integrated into life in Africa. The years pass and my attachment to this continent, to its values, remains intact. It is an immense privilege to take an active part in Africa's march towards the fulfillment of its glorious destiny.

Apart from your traditional occupations, you are an adviser to the Beninese head of state, Patrice Talon...

Yes, I have this privilege of being at the service of the development of the country. Apart from the International Bank for Industry and Commerce (Biic), I am the Chairman of the Board of Directors of the Société Immobilière et d'Aménagement Urbain (SImAu). This structure, created in 2016, is responsible for carrying out several major Pag (Government Action Program) projects: for example, the construction of 20,000 housing units, the construction of the Ministerial City, that of regional markets and the construction of the agri-food center from Grand Nokoué to Abomey-Calavi, etc.

Since last June, you have been appointed head of the board of directors of the International Bank for Industry and Commerce (Biic). What challenges do you expect to face in your new role?

The banking business is currently undergoing profound transformation. The traditional concept of banking is changing. Our challenge at Biic is to conquer the market. We are the one and only Beninese bank on this segment and our first objective remains the support of the industrial and commercial sector of the country. We will synchronize our efforts with Benin's projects and initiatives in the agro-industrial sectors, tourism, infrastructure, renewable energies and of course small and medium-sized enterprises. Biic is a universal bank which aims to offer a wide range of services to individual customers. We will rely on a significant deployment of the most appropriate technology to serve our customers. We will very quickly become a digital bank by integrating eBanking, electronic banking, mobile money and online payment systems. Obviously, we will ensure the quality of the services in order to ensure lasting partnerships with our customers. Transparency on the company's situation will be required and we will continually demonstrate attentiveness, rigor and professionalism.

Benin has been confronted for more than a year with the closure of its borders with Nigeria. What do you think are the consequences of this situation on Benin's economy and finances?

Benin's external relations are not part of my area of expertise. I can say that the closure of the border with Nigeria had a negative impact on Benin's economy, but this impact was much less dramatic than feared. Cross-border trade in imported products was not the real basis of Benin's economy. In reality, this activity benefited a limited number of traders and despite the significant volumes achieved over several decades, the contribution of this activity to productive investments and the creation of quality jobs has remained low. Today, Benin has come to the conclusion that it is necessary to create added value by transforming its agricultural production and developing tourism and quality services to achieve development objectives.

Can the same be said of the impact of the Covid-19 pandemic on the Beninese economy in general and banks in particular?

Benin has put in place an impressive system to protect its population and ensure the continuity of economic and social activities. But this is a global crisis affecting all countries. Despite this, Benin remains economically stable according to the assessments of international financial institutions and rating agencies. In the banking sector, the Central Bank of West African States ( Bceao ) has taken steps to protect banks' vulnerable debtors and at the same time safeguard the soundness of banks. Beninese banks have taken advantage of these measures to relieve their customers. The situation is well under control and we are awaiting the end of the pandemic for a return of economic life to normal in the country.

In the context of this pandemic, has Benin taken the option of not requesting the suspension of its debt? In your opinion, is this a tenable position, especially if the crisis persists?

Yes, Benin is a country under construction. We have major infrastructure projects underway and in the pipeline. It was important to keep the funding agreements and give confidence to the funders. Despite the crisis, the country's financial situation remains sound and stable, as does the banking system in terms of activities, risks and organization.

What do you think are the main lessons of the crisis?

The banks, required to continue their activities, have managed to organize themselves to preserve a presence in the branch. Thanks to this crisis, everyone has now observed the necessary complementarity between a local physical presence and the ability to process operations remotely. Therefore, the crisis should give an additional impetus to the digital strategies that have started for some time. The growth rate of banking is satisfactory and most banks have shown good resilience vis-à-vis the health crisis.

Precisely, how do you appreciate the digitization of banks in Benin?

The digitization of banks in Benin remains quite weak despite the progress made in recent years. The products offered by most banks remain cumbersome and poorly adapted to the particularities of the clientele. In addition, the cost of services remains high. We must offer products that are simple, easy to access, at an affordable price and in a totally integrated and secure environment. The fluidity between traditional banking products, electronic banking, Mobile Money and electronic payment platforms and all accessible by mobile phone remains the targeted objective. There have been no significant incidents with regard to digital security in Benin, but vigilance will be required in the future because the increase in products, the number of users and operations will increase the risks.

Between 1994 and 1998 and then from 2014 to 2016, you were elected consular at the Chamber of Commerce and Industry of Benin. What do you think of the reform process underway in this institution?

I was elected member of the Consular Chamber as a representative of the banking profession in the past. The House needs deep reforms. I am convinced that the current office is aware of this imperative. A modern, efficient Chamber oriented towards the representation of the commercial and industrial sector of Benin will be a real tool for economic growth.

International banker, Rizwan Haider is a Beninese of Canadian origin. Representative of Canada's official export credit agency (Exportation and Development Canada) for Africa and the Middle East (2006-2009) after having been Managing Director of Ecobank Benin (1992-1998) and Director regional officer for West Africa within the HSBC Group (1998-2001).

Having joined the Orabank group in 2011, Rizwan Haider headed the Benin subsidiary for five years (2011-2016) and notably piloted the bank's turnaround and its repositioning in the national banking landscape.

As an independent consultant, he provides expertise and assistance to banks, financial institutions and corporate clients in the areas of structured trade finance organization and systems, fund management and corporate restructuring. .