28m Nigerians have no access to banking – CBN

According to the Central Bank of Nigeria (CBN), about 28 million Nigerians, mostly in the rural areas, have no access to banking.

The apex bank Deputy Governor, Financial System Stability, Philip Ikeazor, who stated this yesterday, added that the CBN and stakeholders have been working tirelessly to reduce the financial exclusion rate.

The demographics mostly affected by this financial exclusion are: women, youths, rural communities and Micro, Small and Medium Enterprises (MSMEs).

According to him, as a result of these efforts, the exclusion rate had dropped from 46.3 per cent in 2010 to 26 per cent as of last year.

He said: “Despite this progress, there are over 28 million Nigerians who still have no access to formal financial products and services and certain challenges persist.”

Ikeazor spoke in Lagos at the ongoing 2nd International Financial Inclusion Conference 2024, with theme: “Inclusive Growth—Harnessing Financial Inclusion for Economic Development”.

The CBN Governor, Olayemi Cardoso, said the ongoing recapitalisation of banks comes with several benefits to the economy.

He said recapitalized banks will take bigger risks by capturing underserved markets into the financial net.

In line with its efforts to deepen financial inclusion, the apex bank introduced new minimum capital requirements for banks, the CBN boss said .

Loading

LEAVE A REPLY

Please enter your comment!
Please enter your name here