Eight millions West Africans open new bank accounts during lockdown

At least eight million West Africans opened new bank accounts while their countries were in lockdown due to the outbreak of coronavirus, a report released on Tuesday by the Bill and Melinda Gates Foundation revealed.

This is an indication that these countries, including Nigeria, are making an effort to bridge the financial inclusion gap after signing the Maya Declaration in 2011.

Premium Times reported that Nigeria made a commitment under the Maya Declaration in 2011 to reduce Nigeria’s financial exclusion rate from 46.3 to 20 per cent by 2020.

To achieve this, the Central Bank of Nigeria (CBN) adopted the National Financial Inclusion Strategy (NFIS) in 2012.

According to the strategy’s document, the NFIS was built on four strategic areas of agency banking, mobile banking/mobile payments, linkage models, and client empowerment.

The strategy document also identified four priority areas for guideline and framework development. They include tiered know-your-customer (T-KYC) regulations, agent banking regulations, national financial literacy strategy, and consumer protection.

The Goalkeepers 2020

The report also showed that eight members of the West African…

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