The Central Bank of Nigeria, CBN, has set state-by-state target for the 21 commercial banks and 942 Micro finance banks in the country to ensure that every Nigerian adult has access to financial services.
Elizabeth Agu, the CBN Branch Controller, Federal Capital Territory, made this known on Thursday in Abuja at the inauguration of the Financial Inclusion State Steering Committee, FISSCO.
She said CBN had broken down the target state-by-state “to ensure that the masses and people at the grassroots have access to financial services such as payments, savings, credit, insurance and pension.”
She added that target for banks was set because the CBN planned to achieve 80 per cent financial inclusion by 2020, yet two years to the deadline, the country had only achieved 41.6 per cent.
She explained that “the cut-cutting and diverse nature of the targeted services require collaborative efforts by stakeholders in the financial sector, especially at the grassroots.
“In particular, financial service providers at the state level are pertinent to achieving at least 80 per cent inclusion of adult population by the year 2020.
“To achieve this, each of the Deposit Money Banks (DMBs) operating in the FCT have the target to get a minimum of 1,500 new savings customers by 2018, the Micro Finance Banks (MFBs) have the target to open at least 2,500 new accounts.
“The DMBs in the FCT have to also offer credit to at least 600 fresh individuals and for the MFBs, they have the target of ensuring that at least 1,000 customers are offered fresh credit.”
Ms. Agu said that the CBN also planned to adopt special strategies for the North East, North West and North Central, where financial exclusion rate was very high.
She noted that “we are also conceptualising on ways and means to reach out to women whose culture and religion require specialised products and channels.
“We remain committed to reaching out to everybody with appropriate financial products, even in the southern part of the country where significant progress is achieved in the last two years.”
Ms. Agu said that the newly inaugurated FISSCO, which would be responsible for ensuring that the targets were achieved at the grassroots in the FCT, would be chaired by the CBN Branch Controller for FCT.
Meanwhile, Christian Ohaa, the Permanent Secretary, Federal Capital Territory Administration, pledged to work with the CBN to ensure that the target set for the FCT was achieved.
He said, “It is expected that banks operating in the FCT should include 671,000 new savings customers and 266,000 credit customers before the end of 2018.
“This will form the focus of our struggle in the next months. The target for other products such as insurance, pension, capital market products will come later.”
Representatives of the Deposit Money Banks and Micro Finance Banks were present at the meeting.
Latest Nigeria News
- Thieves On The Chest
- Black Face complains: ''2face owes me money, and he won't pay back''
- Steady rise in prostitution despite ban in Abuja
- Mercy Johnson And Tonto Dike In A War Of Words
- Video Of Nigerian Lawmakers In A Bloody Fight
- Miss Unizik Nude Photos Leaked By Ex-Boyfriend
- Big Boy: Ice Prince Wears Same Givenchy Shirt As P Diddy To BET Awards
- Shameful - Iyanya Tattooed Yvonne Nelson's Name On His Wrist
- 2 Unilag Students Dead, 3 Others Almost Dead After Fatal Car Accident [Photos]
- Omotola Poses For THISDAY Style Photoshoot
- Hot or Not? - Genevieve's Dress To Ebony Life TV Launch
- Celestial Church Prophet Owolere Odunuga Jailed In Kirikiri Over Visa Fraud
- ASUU Embarks on a Total and Indefinite Nation-wide Strike from 1st July
- Super Eagles’ Handler: Keshi or foreign coach?
- 11 Burnt To Death In Ibadan Auto Accident
- Former Nollywood Actress Eucharia Anunobi In Senegal For 7-Day Crusade
- Stephanie Okereke-Linus Bags Africa Women Awards
- Federal Government bans civil servants from taking chieftaincy titles
- Omotola's Waka-Pass Role On American National TV Show
- £3,000 visa bond: Federal Government warns British govt
- First Bank Nigeria Plc Security man breaks ATM, steals N12m
- John Olumba, 31-Year Old Nigerian Running For Detroit Mayor
- Whats up with this picture?
- Why President Barack Obama Is Not Visiting Nigeria
- Most Overexposed Celebrities In Nigeria
- Wizkid Tells Unilag Students: ‘I don’t do cheap money’
- Islamic cleric Rapes Teenager During Deliverance
- Is This A Case Of "Bad" Underwear?
- Police declare Alhaja Sinatu Ojikutu, ex-deputy gov of Lagos State wanted for fraud
- Nigerians support anti same-sex Bill
- Another Baby Born With Quran In Lagos
- Ondo Female Legislator Fola Olasehinde Suspended Over Possession Of Fetish Objects
- Female Student Raped By Security Man And 5 Students At A Private Polytechnic In Ekiti State
- Governor Sanusi Freezes Bank Accounts Of Nigerian Churches
- OAU student gives birth and attempts to flush new born baby down the toilet in school hostel
- Tope Alabi Fights With Spiritual Father, Prophet Ajanaku
- Pressure Mounts On Hubby To Dump Ini Edo
- Keturah Hamilton: Jim Iyke Used And Dumped Me
- Keturah Hamilton: Jim Iyke Used And Dumped Me
- Are Tribal Marks Still Necessary Today?