Tuesday
March 20
2018

Nigeria’s Banks Lose Customers Despite Central Bank’s Campaign For Financial Inclusion

Despite Central Bank of Nigeria’s (CBN) effort to promote financial inclusion, the Nigeria Inter-Bank Settlement System (NIBSS) banking industry statistics shows that the number of customers using financial services reduced in 2017.

The statistics obtained by the News Agency of Nigeria (NAN) from the NIBSS website on Sunday, showed that the total number of bank customers dropped from 61 million in 2016 to 59 million in 2017.

Similarly, active bank accounts reduced from 65 million in 2016 to 63.5 million accounts in 2017.

According to NIBSS, the banking sector, however, made great strides in linking customers’ account using the Bank Verification Number (BVN).

The report showed that linked BVN accounts grew from 26 million in 2016, to 41.3 million in 2017.

According to a banking industry source, the reduction in banking customers is not unconnected to the Federal Government’s declaration to fight against corruption.

Source: P.M. News Nigeria (link opens in a new window)

Tags
banks, financial inclusion, financial services, Nigeria, unbanked