Nigeria: CBN Orders DMBs Microfinance Institutions to Open 7.6 Million New Savings Accounts

The Central Bank of Nigeria (CBN) has ordered all Deposit Money Banks (DMBs) and Microfinance banks to open 7,608,180 new savings accounts to meet its financial inclusion target. 

Financial institutions in all the states and the Federal Capital Territory (FCT) were given different targets. Lagos banks have the highest target of 2,293,080 while banks in Abuja are to attract 153,000 savings account customers.