Tuesday, December 1, 2020

CBN to drive zero balance account opening

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As part of efforts to boost financial inclusion, the Central Bank of Nigeria has said it will promote opening of new accounts with zero balance.

It said this in its report on ‘Monetary, credit , foreign trade and exchange policy guidelines for fiscal years 2020 / 2021 ’.

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.

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