Ifeanyi Onuba, AbujaThe Central Bank of Nigeria on Thursday issued a new target for Deposit Money Banks and all Microfinance Banks in the Federal Capital Territory towards achieving the 80 per cent financial inclusion target for all adult population in Nigeria by 2020. The apex bank also inaugurated a Financial Inclusion State Steering Committee to boost the implementation of its 80 per cent financial inclusion strategy. The Branch Controller, CBN, Abuja Branch, Elizabeth Agu, said the financial exclusion rate of 41.6 per cent was still very low compared to the apex bank’s target of 80 per cent. This, she added, underscores the need to work hard on the exclusion rate from this year till 2020. For credit customers, she said the CBN has set a target of 600 new customers for DMBs while MFBs were given 1,000 new accounts.

Source: Punch January 11, 2018 14:26 UTC