CBN Boosts Financial Inclusion With Zero Balance Account Opening

CBN Boosts Financial Inclusion With Zero Balance Account Opening

The Central Bank of Nigeria has restated its resolve to encouraging opening of new accounts with zero balance as part of efforts to boost financial inclusion.

The apex bank disclosed this in its report on ‘Monetary, credit, foreign trade and exchange policy guidelines for fiscal years 2020 / 2021 ’.

Part of the report reads, “As part of its effort towards promoting greater financial inclusion in the country, the bank shall continue to encourage banks to intensify deposit mobilisation 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.”

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The CBN said the Shared Agency Network Expansion Facility , 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 added that Banks, mobile money operators and super- agents would continue to render returns in the prescribed formats and frequency to the CBN.

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It said the National Financial Inclusion Strategy was launched to leverage existing bank branches, agent banking , mobile money agents and digital financial services to deliver financial services to Nigerians