NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Wednesday, April 30, 2014

Obinna Chima reckons that the planned registration of Bank Verification Numbers for customers from May will strengthen the country’s drive for financial inclusion

In order to ensure that a greater fraction of the country’s population enjoy banking services, the Central Bank of Nigeria (CBN) and deposit money banks (DMBs) in the country, have over the years designed initiatives aimed at encouraging financial inclusion.

Financial inclusion, which generally refers to people being able to get access to banking services at an affordable cost, has become a catchphrase in the Nigerian banking system today.