Nigerian banks closed 234 branches, 649 ATMs — IMF

40


Nigerian banks closed 234 branches, 649 ATMs, IMF report

*Records decline in SDG financial access score

By Babajide Komolafe

The International Monetary Fund, IMF, yesterday, said that Nigerian banks closed 234 branches and 649 Automated Teller Machines, ATMs, in 2020 leading to a decline in the country’s Financial Access Score (FAS) to 4.44 in the year against 4.78 in 2019.

The IMF disclosed this in its Financial Access Survey 2021 Trends and Developments released yesterday. 

According to the report, the international community uses two FAS indicators to monitor the Target 8.10 of the 2030 Sustainable Development Goals (SDGs) which aims at strengthening the capacity of domestic financial institutions to expand access to banking and financial services.

READ ALSO: Banks intensify competition for deposits, raise interest rates by 140%

The two FAS indicators are Number of Commercial Bank Branches per 100,000 Adults and Number of ATMs per 100,000 Adults.

According to the report, Nigeria recorded declines in these two…



Source: Vanguard Newspaper

Get the Latest Business Tenders and Contracts Information