CBN Sets New Target for Banks

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Nigerian Central Bank, Abuja, Nigeria.

Enterprise Television- CBN Sets New Target for Banks

The Central Bank of Nigeria on Thursday, issued a new target for Deposit Money Banks and all micro finance banks in the Federal Capital Territory towards achieving the 80 per cent financial inclusion target for the adult population in the country by 2020.

Apex bank also inaugurated a financial inclusion state steering committee to boost the implementation of its 80 per cent financial inclusion strategy.

The Branch Controller, CBN, Abuja, Elizabeth Agu, said the financial inclusion rate of 41.6 per cent was still very low compared to the apex bank’s target of 80 per cent.

Agu said that to achieve the target, the CBN must set a target for banks in the FCT to open 1,500 new savings accounts for customers, while MFBs were given the target of 2,500 new accounts.

She added that The CBN strongly believes that the 2020 target is attainable. The strategy documents are presently undergoing review and this will definitely reveal the challenges and what we urgently need to do to put us on track.