News
Nigerian Banks Lose 2million Customers In Two Years -Statistics
Despite Central Bank of Nigeria’s effort to promote financial inclusion,Nigerian banks lost over 2 million customers between 2016 and 2017.
According to statistics from the Nigeria Inter-Bank Settlement System (NIBSS), the number of active bank accounts also reduced by 1.5 million, dropping from 65 million to 63.5 million.
The statistics obtained from the NIBSS website on Sunday, showed that the total number of bank customers dropped from 61 million in 2016 to 59 million in 2017.
According to NIBSS, the banking sector, however, made great strides in linking customers’ account using the Bank Verification Number (BVN).
The report showed that linked BVN accounts grew from 26 million in 2016, to 41.3 million in 2017. According to a banking industry source, the reduction in banking customers is not unconnected to the Federal Government’s declaration to fight against corruption.
“When Buhari assumed office, many people abandoned their accounts, especially civil servants because of fear of investigation.
“While some out rightly closed down their accounts, others opted for gradual withdrawal so as not to raise alarm,’’ the source said.
The source, who works at one of the top five banks in the country, blamed the BVN for the low patronage of banking products, especially in the rural areas, where awareness was already very low. A bank customer, Mr Olaitan Alagbe stated that she closed some of her accounts due to unnecessary and illegal charges by banks. “First of all, the interest rate is next to nothing, so there is little reason to keep your money at the bank when you can turn it over doing other businesses,” she said. Another customer, who preferred to remain anonymous said he opened several accounts during the Ponzi scheme boom in the country, but was forced to abandon them after the schemes crashed in late 2016 and early 2017. However, a source at the CBN said that the reduction in the number of banking customers was caused mainly by the introduction of BVN.
“The reduction may not necessarily be a bad thing. For example, many people opened accounts using different variations of their names.
“A person bearing Musa Salisu Mohammed, may have other accounts as Salisu Mohammed or Musa Salisu. “So with the introduction of BVN, such customers were forced to regularise their names, however, some opted to close down their accounts, which resulted in the reduction of active bank accounts and customers,’’ the source said.
The CBN source was, however, optimistic that the financial inclusion strategy of the bank would succeed in bringing in more people into the formal banking system.
The Financial Inclusion strategy aims to ensure that major bulk of the money in the economy remains within the banking sector.
A major challenge in the financial inclusion process is how to ensure that the poor rural dwellers are carried along considering the lack of financial sophistication among this segment.
The Chief of Army Staff (COAS), Lt.-Gen. Waidi Shaibu, has tasked troops of Operation SAVANNAH SHIELD to dominate the battlespace and intensify offensive operations against kidnappers, bandits and other criminal elements in the North Central region.
Shaibu gave the directive yesterday during his maiden operational visit to the Headquarters, Joint Task Force North Central (JTF-NC), at Sobi Barracks, Ilorin.
This is contained in a statement by the Acting Director, Army Public Relations, Col. Appolonia Anele, in Abuja, yesterday.
Shaibu said the Nigerian Army would remain resolute in its constitutional responsibility of safeguarding lives and property, stressing that troops must sustain pressure to decisively deny criminal elements freedom of action.
He assured personnel of continued deployment of combat enablers and operational resources to enhance clearance operations and dismantle criminal hideouts across Kwara and Niger states.
The COAS reaffirmed his commitment to troop welfare, noting that improved welfare remained critical to sustaining morale, operational effectiveness and combat readiness.
He urged the troops to remain disciplined, professional and loyal to the Constitution and the democratically elected government.
Earlier, the Theatre Commander, JTF-NC Operation SAVANNAH SHIELD, Maj.-Gen. Yakubu Yahaya, commended the COAS for his strategic leadership and support.
Yahaya assured that troops would remain committed and steadfast in restoring peace and stability in the region.
The Nigerian Navy says it is expanding training and infrastructure to address emerging security threats and strengthen operational efficiency across formations and units nationwide.
The Chief of Naval Staff, Vice Adm. Idi Abbas, spoke during the inauguration of projects at the Nigerian Navy Basic Training School (NNBTS) in Onne, Rivers as part of activities marking the Nigerian Navy’s 70th anniversary.
Abbas, represented by the Flag Officer Commanding, Naval Training Command (NAVTRAC), Rear Adm. Ebiobowei Zipele, said the projects reflected significant progress made by the navy since its establishment in 1956 from the British Royal Navy.
“Training and infrastructure have improved significantly to meet contemporary security challenges and fulfil the navy’s constitutional responsibilities.”
According to him, the anniversary provides the navy an opportunity to reflect on its achievements and contributions over the past seven decades.
Projects inaugurated included a remodelled female trainees’ hostel accommodating more than 500 occupants and an expanded golf course upgraded from one to nine holes.
Others were the NNBTS fuel dump, Chief Boatswain’s Mate House, renovated pharmacy department and a new theatre block at the Naval Medical Centre, Onne.
Abbas described the new theatre as a major milestone for the navy’s medical services.
“Previously, injured personnel requiring surgeries were referred outside the facility.
“With this theatre, surgeries can now be conducted within the base.’’
He added that a 30KVA inverter had also been installed to guarantee uninterrupted electricity supply at the training school.
The naval chief assured officers, ratings and trainees that the navy leadership remained committed to their welfare and wellbeing.
“These infrastructure upgrades show the commitment of the Chief of Naval Staff to addressing operational and welfare challenges promptly,” he said.
In addition, NAVTRAC distributed educational materials to pupils of Community Primary Schools One and Two, Ogale, in Ebubu-Eleme area of Rivers.
Items distributed included exercise books, school bags and other writing materials as part of the navy’s civil-military engagement initiative.
Zipele said the outreach was designed to strengthen relations between the navy and host communities while supporting children’s education.
“Education remains critical to national growth and youth empowerment. Some of these pupils may eventually serve in the Nigerian Navy,” he said.
He noted that the initiative demonstrated the navy’s commitment to educational development, peace, security and sustainable community relations.
Zipele urged the pupils to remain disciplined, focused and committed to their studies while embracing patriotism, integrity and hard work.
He thanked the Ebubu community for its continued support for the naval training command headquarters and the navy.
-
News2 days ago
Obuah’s Victory Excites Former Lawmaker as APC Primaries Conclude in Rivers West
-
Politics4 days agoAPC PRIMARIES: FUBARA’S WITHDRAWAL, HISTORIC SACRIFICE FOR NATIONAL STABILITY ……. GROUP
-
News4 days agoCourt Sentences Seven To Death Over Murder Of Cleric In Rivers
-
News2 days ago
105 Nigerians Killed In S/Africa In Seven Years
-
Sports4 days agoPH Arsenal Community Set For Streets Procession, Saturday
-
Niger Delta2 days agoRoyal Father Endorses PH Arsenal Community, Pledges To Support
-
Politics4 days agoIPAC Flays INEC Over Election Guidelines Judgement
-
Politics4 days agoNDC To Adopt Electronic Voting For Future Primaries