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Rural population largely unbanked

19 June 2013, 07:16

Lagos - More than three-quarters of Nigeria’s rural inhabitants has no access to financial services, a senior Nigeria Deposit Insurance Corporation (NDIC) official said this week.

Managing Director of NDIC, Alhaji Ibrahim, disclosed this on Tuesday in Port Harcourt during the opening ceremony of a two-day workshop the corporation organised for operators in the banking and microfinance industry.

“With an estimated population of over 160 million people in Nigeria, 70 percent involved in the informal sector, 76.8 percent of the rural residents are unbanked. As such, there exists a huge untapped potential for financial services at the micro level of the Nigerian economy.
Attempts by the authorities in the past to fill this financing gap have nonetheless been unsuccessful,” he said.

Nigeria’s rural population is estimated as more than 79 million.

Ibrahim assured Nigerians that the regulatory authorities of the country’s banking sector would continue encouraging government agencies to provide rural dwellers.

Meanwhile, he said a Customer Protection Desk has been established in Special Insured Institutions Department (SIID) and all the zonal offices of the corporation to address complaints from banking clients in the country.

- CAJ News


Tags banking

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