57 million Nigerians now have access to financial services-CBN

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The Bankers Committee of the Central Bank of Nigeria (CBN) on Thursday said 57 million Nigerians, which represents 66 per cent of the population, now have access to financial services.
The Director, Banking Supervision Department, CBN, Mrs Tokunbo Martins, made this known when she briefed newsmen at the end of the committee’s meeting in Abuja.
She was accompanied by the Managing Director, Access Bank Plc, Mr Herbert Wigwe; the Managing Director,Standard Chartered Bank, Mrs Bola Adesola; and the Managing Director Diamond Bank Plc, Mr Uzoma Dozie.
“One of the major issues we discussed is the issue of financial inclusion. It is very important for 170 million Nigerians to have some form of access to financial services and so I am happy to report that there has been substantial improvement.
“You know a couple of years back, the number of Nigerians financially included was at 40 per cent but currently we have 66 per cent of Nigerians financially included which is about 57 million Nigerians.
“The target that we are working on is 68.5 per cent by the end of December 2016 and so if that target is achieved, I think we would have gone a long way in alleviating the sufferings if Nigerians ,” she said
Martins said the North East region remained the most challenging area when it comes to financial inclusion.
She said the CBN would deploy more resources to the region to increase the level of financial inclusion.
Martins said also that within the last few months, the country had witnessed a significant increase in the demand for foreign exchange for payment of school fees and medical bills abroad.
She said the development was currently crowding out the demand for foreign exchange in the real sector such as manufacturing, agriculture, solid minerals among others.
She said that if left unchecked, the trend could affect the banking sector’s …Read More

Source:: PM Newspaper