In a bid to encourage banks to improve their deposit collection, the Central Bank of Nigeria has directed commercial banks to allow new customers to open an account with no money.
In the past, some banks insisted on a minimum deposit of as much as N50, 000 for a current account.
The apex bank said: “In line with the financial inclusion initiative, banks shall be required to allow zero balances for opening new bank accounts so as to make banking services accessible to the unbanked public.
“Accordingly, banks are encouraged to develop new products that would improve access to credit and simplify their account opening processes, without compromising the Know-Your-Customer (KYC) requirements.”
