By Henry Daniel
In a bid to promote greater financial inclusion across the country, the Central Bank of Nigeria (CBN) has urged the Deposit Money Banks (DMBs) to allow zero balance for the opening of new accounts.
The banks are also expected to simplify their account opening processes, while adhering to Know-Your-Customer (KYC) requirements in the push towards financial inclusion for all Nigerians.
Investment report from Nigerian Investment Promotion Commission NIPC, quoting Nairametrics, the disclosure was made in the Monetary, Credit, Foreign Trade and Exchange Policy Guidelines for 2020/2021 fiscal year, which was issued by the Central Bank of Nigeria (CBN) recently.
While stating that these measures are part of the efforts to encourage banks to intensify deposit mobilization during the 2020/2021 fiscal years, the apex bank also encouraged all banks to develop new products that would provide greater access to credit.
A part of the report reads, “As part of its effort towards promoting greater financial inclusion in the country, the apex bank shall continue to encourage banks to intensify deposit mobilization during the 2020/2021 fiscal years.
“Accordingly, banks shall allow zero balances for opening new bank accounts and simplify their account opening processes, while adhering to Know-Your-Customer requirements. Banks are also encouraged to develop new products that would provide greater access to credit.”
More so, the apex bank said that the Shared Agency Network Expansion Facility (SANEF), which was established to enhance the provision of financial services access points in under-served and unserved locations and drive financial inclusion through agent banking, would continue in the 2020/2021 fiscal years.
It states that banks, mobile money operators, and super-agents would continue to render returns in the prescribed formats and frequency to the central bank.