A Review of the Nigerian Energy Industry

65 per cent of Nigerians lack access to banking – NDIC

Banking hall
Banking hall

21 May 2015, Benin City — With an estimated population of 179 million people, 65 per cent of Nigerians still lack access to any form of banking facility or service, the Controller, Benin zonal office of the Nigeria Deposit Insurance Corporation, NDIC, Mr. Sunday Oluyemi has said.

Besides, the active rural poor people, constitute the bulk of the percentage like the low income earners arising from irregular income, distance to bank branches and the unemployed.

Oluyemi disclosed this on Monday at the National Youth Service Corpse, NYSC, ‘Batch A’ 2015 orientation camp held in Ovia North East Local Government Area of Edo state.

Oluyemi who relied on ‘Enhancing Financial innovation and Access, EFInA, a United kingdom, UK, funded Research Agency, however warned the NYSC members to be weary of ‘Wonder Banks’ agents who may verbally offer them unrealistic interest rates to defraud them.

“About 65 per cent, mainly people in rural areas and people with low income do not have access to banking. But I want to sound this note of warning here. Even if they come to you, don’t fall into their mouth-watery offer. I fell into such trap in the past. Don’t patronise wonder banks”, he declared.

The NDIC state Controller who dwelt on the topic “Deposit Insurance System in Nigeria”, told the inductees to imbibe the habit of savings and urged the public to resist the temptation of given their personal bank details via the internet so as not to fall prey to internet fraudsters.

He said only banks that have been insured by NDIC and the Central Bank of Nigeria, CBN, are statute-bound to provide financial safety nets to protect depositors money in the unlikely event of bank distress or liquidation.

Also speaking at the event, Mrs. Mafoluwafo Williams, Assistant Director, NYSC, described the lecture as timely and sued for its sustenance.

NDIC, Benin zone consist states in south -south and some states in south East including Enugu and part of south Western Nigeria.

*Adibe Emenyonu – Thisday

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