Two-third of Nigerian lack access to banking

May 22, 2015

Most of them come from rural areas, the NDIC said.

Some 65 per cent of Nigerians do not have access to any form of banking facility or service, an official from the Nigeria Deposit Insurance
Corporation (NDIC), Sunday Oluyemi, revealed during a conference on Sunday (May 17th).

He said most of them come from rural areas with high level of unemployment or irregular income, and with little bank branches, the People's Daily reports.

He warned people to be weary of "supposedly wonder banks agents" who may offer them unrealistic interest rates to defraud them, adding that only banks that have been insured by NDIC and the Central Bank of Nigeria to provide financial safety nets can be trusted.

This statement comes a few months after the NDIC announced it is seeking a series of amendment to its enabling Act to minimise the risk of bank failure and be able to pay customers of failed banks promptly.

It has proposed the NDIC Act 2014, which would empower it to pay insured depositors of failed insured institutions, whenever an institution becomes insolvent and has suspended payment to depositors.

Other proposed changes would empower the NDIC to supervise related entities of insured institutions such as commercial banks, mortgage banks and microfinance banks.ADNFCR-2976-ID-801788414-ADNFCR