CBN: A call for interest-free banking in Nigeria

Sep 30, 2011

The Central Bank of Nigeria (CBN) has called for non-interest banking to be introduced in the country.

The Central Bank of Nigeria (CBN) has called for non-interest banking to be introduced in the country.

Governor of the organisation Mallam Sanusi Lamido Sanusi explained at the recent CBN seminar that many nations already have plans in place to embrace the solution, This Day reports.

He noted Gambia and Senegal in particular have introduced operational regulations.

"In addition, several other countries in Africa are at various stages of crafting and consequently executing their regulatory guidelines," Mr Sanusi continued.

He pointed out that non-interest banking has, in the past, been hit by a lack of skills and knowledge with regards to regulating and supervising the product, as well as an unsuitable legal guide.

However, Mr Sanusi said progress has been made in the sector and bringing it to Nigeria.

According to the Nigerian Tribune, the CBN needs to carry out an "aggressive public enlightenment" strategy to reduce some of the religious stigma currently associated with this form of banking.ADNFCR-2976-ID-800745499-ADNFCR