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CBN plans extension of modern financial services

By Alemma-Ozioruva Aliu, Benin City   |   02 December 2016   |   2:55 am

CBN building

CBN building

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele yesterday said there were plans to provide financial services to rural areas across the country by the end of 2020.Emefiele disclosed this at a two-day CBN fair tagged “Promoting financial stability and economic development.”

According to him, the apex bank now has a Central Complaints Centre where customers can present their challenges through electronic mail, official letter or phone calls and the complaints would be resolved immediately.

Represented by the Controller of Benin branch, Mr. R.D Jumbo, the CBN governor said it had become necessary to sensitise the people to their rights as customers, urging participants to key into the CBN crusade of cashless society by the year 2020.


“The banking sector has improved to the extent that you can buy and transfer money with your phone. You can use your ATM to pay for goods in shops through POS,” he said.

He said the programme was organised to sensitise the people to the need to keep naira notes clean and teach those seeking loan for agriculture and other businesses how to get such credit.

Emeifele added: “We want to bring financial services to the villages and let them know that a lot of things can be done on the phone. For instance, when you want money you don’t have to travel for miles to another town, it can be done on the phone. Now you can sit in your house and send any amount of money you want to send.”

The Deputy Director Banking, Payment System and team leader, Sam Okojie said the consumption pattern of Nigerians also contributed to the economic recession.

“We are here as part of efforts to sensitise the masses. We are moving from state to state, lack of information or misinformation is a problem. We plan to reduce financial non-inclusion by 20 per cent in 2020. The Central Bank has improved on the national payment on agriculture to accommodate more people using simple devices like the GSM phone,” he said.

He continued: “The bank is collaborating with security agencies. The laws are there and if anyone is caught desecrating the naira by selling it on the streets he would be prosecuted.”


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CBNGodwin Emefiele


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