By Ishaya Ibrahim
Corporate Treasurers have been warned against resisting technological changes in the management of company’s liquidity, capital allocation and other functions which their office demand. The advice was given at the Treasury 360 and Conference Exhibition organized by the Association of Corporate Treasurers of Nigeria (ACTN), held on Thursday in Lagos.
ACTN is a platform of Corporate Treasurers involve in policy advocacy, discussions on issues of mutual interest, education and standard development of the corporate treasury function.
The event, which attracted treasurers from majority of the big brands in Nigeria, featured keynote speeches, discussions, exhibition tour of booths at the venue and awards to distinguished personalities.
Adeyinka Ogunnubi, ACTN President and Group Treasurer, CFAO, says the conference was apt because of the ever-increasing pace of technology in the financial sector.
Denis O’brien, Cofounder of Ceviant Finance Limited, represented by Ugo Obasi, also added his voice to the use of technology in treasury management, saying since the judicious management of resources is the lifeblood of every organization, embracing technology in treasury management has become an indispensable tool in achieving the goal.
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He said: “Technology embrace is an invaluable enabler that can level the playing field. With this in mind, let us delve into some of the ways in which technology can be harnessed and optimize treasury management. The first is the streamlining of routine tasks. Data handling, reconciliation and reporting can be done through the use of advance software solutions. This software reduces the chances of human error.
“The second one is real-time data analysis. Having access to real-time data is a game changer. Advance analytics tool enable treasury managers to make informed decisions, assess risk exposures, alternative investing portfolios. Real time data analysis empowers treasurers to respond to market dynamics,” he says.
Founder/Chairman of Proshare, Mr Olufemi Awoyemi, reminded treasurers that board of directors and chief executive officers rely on them for solutions and since the tools required to do their work has already being changing, they must be swift to adapt to the use of the new tools.
Another keynoter, Mrs Iyabo Soji-Okusanya, who is the Executive Director, Corporate and Investment Banking of Access Bank, said the job of the treasurer is beyond managing the money that has been made.
She said: “Traditionally, accountants, which I am a proud member of the profession, they like to refer to us as being counters. Accountants are no longer just counters. They must be involved in the entire fabric of the organization, starting from how money is made.
“Our work as treasury managers is not just to manage money that has been made. How is money itself made? How do you sustain the money that has been made? How do you ensure that after the money has been made, has been safely kept in the bank, has been optimized, how do we ensure that those who are sourcing for all the KYCs and the KYPs actually do the job well so that we do not lose money.”
Other speakers, including Akeem Lawal, MD Payment Processing and Switching of Interswitch, Jumoke Olaniyan, Senior Vice President, Business Development of FMDQ Securities Exchange Limited, and Victory Olumuyiwa, Head of Corporate Finance and Treasury, Lafarge Africa, also harped on the need to embrace the change that technology brings.