MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN) Financial Inclusion Strategy Includes Goal of 63m Savings Accounts by 2020

The Central Bank of Nigeria (CBN) has released a “National Financial Inclusion Strategy” that includes goals such as growing the number of savings accounts in the country at a 12-percent compound annual growth rate to reach CBN’s target of 63 million. Currently, there are 21 million savings accounts in the country.

To meet its goals for financial inclusion, CBN projects that the number of bank branches will need to increase from 5,800 in 2010 to 10,000 in 2020. The number of automated teller machines (ATMs) will need to increase from 10,000 to 62,400, and the number of point of sale (PoS) devices should rise from 11,200 to 400,000. A branchless banking mobile agent network of 65,000 agents will also be required by 2020.

By John Crawford, Research Associate

Sources and Additional Resources

[1] http://www.thisdaylive.com/articles/cbn-targets-63m-savings-accounts-by-2020/115569/

[2] http://www.howwemadeitinafrica.com/can-mobile-banking-boost-financial-inclusion-in-nigeria/16843/ – http://www.howwemadeitinafrica.com/can-mobile-banking-boost-financial-inclusion-in-nigeria/16843/

[3] http://www.cenbank.org/Out/2012/publications/reports/dfd/CBN-Summary%20R…

MicroCapital.org story, May 18, 2012, “MicroCapital Brief: Central Bank of Nigeria (CBN): MSME Development Fund Not for Bailing out Microfinance Banks”, https://www.microcapital.org/microcapital-brief-central-bank-of-nigeria-cbn-msme-development-fund-not-for-bailing-out-microfinance-bank

MicroCapital.org story, May 15, 2012, “MicroCapital Brief: Nigerian National Petroleum Corporation (NNPC) to Seek License to Open Microfinance Bank”, https://www.microcapital.org/microcapital-brief-nigerian-national-petroleum-corporation-nnpc-to-seek-license-to-open-microfinance-bank/

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