As part of efforts to boost financial inclusion, the Central Bank of Nigeria has said it will promote opening of new accounts with zero balance .
It said this in its report on ‘ Monetary , credit , foreign trade and exchange policy guidelines for fiscal years 2020 / 2021 ’ .
Part of the report on opening of new accounts read , “ As part of its effort towards promoting greater financial inclusion in the country , the bank shall continue to encourage banks to intensify deposit mobilisation during the 2020 / 2021 fiscal years .
“ Accordingly , banks shall allow zero balances for opening new bank accounts and simplify their account opening processes , while adhering to Know – Your -Customer requirements .
“ Banks are also encouraged to develop new products that would provide greater access to credit . ”
The CBN said the Shared Agency Network Expansion Facility , established to enhance the provision of financial services access points in under- served and unserved locations and drive financial inclusion through agent banking , would continue in the 2020 / 2021 fiscal years .
Banks, mobile money operators and super -agents would continue to render returns in the prescribed formats and frequency to the CBN , it stated .
It said the National Financial Inclusion Strategy was launched to leverage existing bank branches , agent banking , mobile money agents and digital financial services to deliver financial services to Nigerians