65 % of Nigerians not in formal financial system – CBN


CBN has unveiled a financial inclusion policy to get “unbanked people” into the banking sector.

More than 65 per cent of Nigerians do not have access to the services of financial institutions, said Ugochukwu Okoroafor, Head of Corporate Affairs at the Central Bank of Nigeria in an interview on Saturday in Lagos.

“We intend to capture Nigerians who are out of the banking system,”he said.

Mr. Okoroafor added that a financial inclusion policy had been unveiled to get “unbanked people” into the banking sector.

“The policy simply means capturing Nigerians who do not identify with the banking sector. The CBN wants to bring a significant number of these people into the system,” he said.

Scholars, government officials and banking leaders from across the globe, at a conference on March 1 in the U.S., discussed the issue of how banks can reach the unbanked.

Part of the objectives is to increase savings, improve credit, and accumulate assets when managing money outside of the traditional financial sector.


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