Zero balance bank accounts 'improve financial inclusion for Nigerians'
Nigerians can now open bank accounts with a zero balance.Nigerians can now open bank accounts with a zero balance.
The Central Bank of Nigeria (CBN) has called for financial institutions across the country to introduce this initiative to make it easier for the entire population to use banking services, the Leadership reports.
This is part of the Financial Inclusion Strategy that was created in 2011 to improve access to formal financial services.
In its Monetary, Credit, Foreign Trade and Exchange Policy Guidelines for Fiscal Years 2012/2013, the CBN stated: "In line with the financial inclusion initiative, banks shall be required to demand zero balances for opening new bank accounts so as to make banking services accessible to the unbanked public."
It was also announced recently that Ecobank is increasing the number of cash machines available in the Nigerian city of Lagos to make it easier for people to access their money.
The move will also support the transition to a cashless society within the country.