The Banking Sector only has 28Million Banked Nigerians / over 167M+

Nigeria with a population of 165 million people can only boast of about 28.6 million banks’ accounts despite having over 900 licensed microfinance banks, 22 deposit money banks and other formal financial service institutions, according to Central Bank of Nigeria (CBN).

Dr Ishaku Polycarp, head, Development Finance Department at CBN  who stated this, also said that microfinance banks  in the country have the ability to ensure financial involvement by all levels of the economy.

He spoke at the 7th Annual Banking and Finance Conference in Abuja adding that  “The CBN has designed and introduced into the system clear strategic framework that will enhance access to finance and accelerate action on financial inclusion drive in Nigeria.     

“With the introduction of the MSME funds, the mobile money platform, agency banking and other initiatives, more Nigerians will further be included, and consequently translating to enhanced economic activity.