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CBN To Establish 500,000 Agent Banks Across Country

Business

CBN To Establish 500,000 Agent Banks Across Country

The Central Bank of Nigeria (CBN) has disclosed intentions to establish 500,000 agent banks across the country especially in places with high rate of financial exclusion like the North-east and North-west.

Apex Bank To Use Agent Banks To Increase Financial Inclusion

CBN To Establish 500,000 Agent Banks Across Country

CBN To Establish 500,000 Agent Banks Across Country

The Central Bank of Nigeria (CBN) has disclosed intentions to establish 500,000 agent banks across the country especially in places with high rate of financial exclusion like the North-east and North-west.

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This was made known by the Director, Banking and Payments System Department, (CBN), Dipo Fatokun, in Abuja on Wednesday in his presentation titled “Nigeria’s Progress Towards the Creation of Robust, Trusted and Inclusive Financial Services Environment,” at the ongoing electronic identity for Africa summit; tagged ‘ID4Africa 2018’,.

According to Fatokun, the apex financial institution is working with the Bankers’ Committee to carry out the initiative with the aim of taking banking transactions closer to the people.

This, he stated, will drastically reduce financial exclusion and help the CBN achieve its financial inclusion target of 20 percent by 2020. 

Fatokun stated that the introduction of the Bank Verification Number (BVN) as a unique identifier in the banking industry has also brought a confidence in the sector.

According to him, December 2017 records showed that more than 31 million BVN had been linked with over 43 million bank accounts.

He listed other benefits accruing to the BVN as helping governments to identify ghost workers, combating fraud in the banking industry; as well as assisting bank customers to develop good credit culture.

“As we speak, the deposit money banks working under the auspices of the Bankers’ Committee chaired by the Central Bank, is working at enrolling and deploying five hundred thousand agents before the end of the year, with primary focus in areas that we have higher number of financial exclusion especially in the northeast and the northwest,” Fatokun stated.

NIGERIA NEWS gathered that the CBN also disclosed that 10.15 million of the 14.04 million BVN sent to the National Identity Management Commission (NIMC) by the apex bank has been translated to the National Identity Number (NIN).

Notwithstanding that the number of financially excluded adults as at 2016 was 41.6 per cent; he assured that CBN will ensure its reduction to 20 percent by 2020

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