Ngozi Amuche
Central Bank of Nigeria has urged the Deposit Money Banks (DMBs) to allow zero balance for the opening of new accounts.
This is part of the efforts to promote greater financial inclusion across the country.
The banks are also expected to simplify their account opening processes, while adhering to Know-Your-Customer (KYC) requirements in the push towards financial inclusion.
This disclosure was made in the Monetary, Credit, Foreign Trade and Exchange Policy Guidelines for 2020/2021 fiscal year, which was issued by the CBN recently.
The apex bank while stating that these measures are part of the efforts to encourage banks to intensify deposit mobilization during the 2020/2021 fiscal years, it encouraged banks to develop new products that would provide greater access to credit.
The report reads, “As part of its effort towards promoting greater financial inclusion in the country, the CBN shall continue to encourage banks to intensify deposit mobilization during the 2020/2021 fiscal years”.
Accordingly, banks shall allow zero balances for opening new bank accounts and simplify their account opening processes, while adhering to Know-Your-Customer requirements.
Banks are also encouraged to develop new products that would provide greater access to credit.