BREAKING NEWS

Banks insist on minimal retrenchment of workers …To increase Financial Inclusion rate by 8%

By Etuka Sunday

ETUKA BANKERS MEETINGBanks in Nigeria insists on minimal retrenchment of workers against the effort by the Federal Government to stop the action.

Rising from its Committee Meeting held at the Central Bank of Nigeria (CBN) Headquarters in Abuja, the banks said, ‎apart from economic reasons, there were other reasons that may make them take such decision as it was done in other sectors.

‎Addressing newsmen shortly after the meeting, the Chief Executive Officer of Standard Chartered, Mrs Bola Adesola said: “banks understand the implication…there will be exit but we will minimise the exit. There are reasons why people must go, not only in the banking sector alone, even in other sectors.”

‎Also speaking, the Director, Banking Supervision Department, CBN, Mrs Tokunbo Martins said ‎6 million people would be covered under Financial Inclusion before the end of the year.

“Financial inclusion is very important to the ‎economy today. We have financial inclusion rate of 60.5%. And you recall, that the target was that by 2020, we should have 80% of the population included so, CBN has agreed target with Commercial Banks and also Micro-Finance Banks and by the end of 2016, we hope and working towards increasing the inclusion rate by 8% that means additional 6 million people to be covered,” she said.

According to her, strategy has been mapped out to achieve that target by the end of the year. Advising that for effectiveness, there should be a move from the traditional access point to electronic one.

Mrs Martins said agreement has been reached for Commercial Banks to lend to Micro-Finance Banks while they lend to customers in the route areas to grow businesses.

The Bankers disclosed that efforts are on to get flexible exchange rate module which would put an end to the issues surrounding foreign exchange.

She said: “It is going to be ready very soon. Once the module is rolled out, a lot of issues surrounding the foreign exchange would be made clear.”

On Communication and Financial Literacy, the banks said there is need to engage with the media to help in the campaign.

About blackconnoisseur (381 Articles)
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