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The Central Bank (CNB) of Nigeria says 40 percent of the Nigerian population is yet to register with any financial institution in the country.
This means that 4 in every 10 Nigerian is unbanked.
The figure was contained in statistics from the CBN announced by the Deputy Director of CBN’s Payment Systems, Mr Sam Okojere.
He gave a hint of the statistics while addressing reporters at a CBN fair for small and medium scale business enterprises in Benin City, the capital of Edo State.
“It’s about 40% that are not included but with the improvement in telecommunications we are looking at a reduction by 20% in 2020,” he said.
The fair, which is an empowerment programme is to help micro, small and medium scale business entrepreneurs overcome basic challenges involved in setting up.
Small business owners have been identified as the major force that could help the nation’s economy wriggle out of recession.