The Central of Nigeria (CBN) has said it would review the templates for bank charges and other commissions in the banking industry? in order to check the cost of carrying out transaction in Deposit Money Banks.
The Deputy Governor, Financial System Stability, Dr Kingsley Moghalu, made this known in a presentation at this year’s global policy forum of the Alliance for Financial Inclusion held in Mexico.
A copy of the presentation was obtained by our correspondent yesterday in Abuja.
The move, it was learnt, became imperative in order to ensure that as many Nigerians as possible had access to financial services.
Statistics show that out of a total population of 150 million, about 39.2 million Nigerians, representing 46.3 per cent currently have no access to any form of financial services.
In terms of financial inclusion, Nigeria is currently lagging behind countries like South Africa (26 per cent), Kenya (32.7 per cent) and Botswana (33 per cent).
For instance, South Africa, Kenya, Botswana had 26 per cent, 32.7 per cent and 33 per cent, respectively, of their population excluded from financial services compared with 46.3 per cent for Nigeria.
However, from a financial inclusion standpoint, Moghalu said that the principal challenge that faces the country is to turn the advantage of its large population and large market into an opportunity to utilise finance as a driver of inclusive growth.