Breaking News

CBN sets fresh targets for banks

Abuja —Central Bank of Nigeria, CBN, has
set state-by-state targets for the 21
commercial banks and 942 micro finance
banks in the country to ensure that every
Nigerian adult has access to financial
Emefiele CBN Governor
Mrs Elizabeth Agu, the CBN Branch
Controller, Federal Capital Territory, made
this known yesterday 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.”
Acording to her, 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.
Agu explained that “the cost-cutting and
diverse nature of the targeted services
require collaborative efforts by stakeholders
in the financial sector, especially at the
“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
Agu said 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.”
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 FCT CBN Branch Controller.
Meanwhile, Mr 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.

No comments