The Central Bank of Nigeria (CBN) says it will drive the opening of new accounts with zero balance.
This was contained in its report titled, ‘Monetary, Credit, Foreign Trade and Exchange Policy Guidelines for Fiscal years 2020/2021.’
According to the report, the apex bank gave this directive to Deposit Money Banks (DMBS) to ensure greater financial inclusion in the country.
The banks are expected to simplify their account opening processes, while adhering to know-your-customer (KYC) requirements.
The apex bank has urged the banks to develop new products that would provide greater access to capital.