The Central Bank of Nigeria, CBN has directed banks in the country to allow customers to open new accounts without deposit.
The apex bank issued the directive in the Monetary, Credit, Foreign Trade and Exchange Guidelines for Fiscal Year 2016/2017 guidelines which it posted on its website.
Initial deposits range from N1000 to N10,000 depending on account type (savings or corporate) but the CBN said that the new initiative is intended to help banks improve their deposit mobilization while pursuing its policy of financial inclusion.
“The CBN shall continue to encourage banks to improve their deposit mobilization efforts. In line with the financial inclusion initiative, banks shall be required to allow zero balances for opening new bank accounts so as to make banking services accessible to the unbanked public. Accordingly, banks are encouraged to develop new products that would improve access to credit and simplify their account opening processes, without compromising the Know-Your-Customer (KYC) requirements."
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