Banking
CBN Admits Failing to Reduce Nigeria’s Unbanked Population
By Dipo Olowookere
The Central Bank of Nigeria (CBN) has admitted failing to reduce the number of unbanked people in the country as it had projected, but emphasised that it would continue to deepen financial inclusion in rural areas, which mainly don’t have access to banking services.
The apex bank, which is in the forefront of financial inclusion in the country, said much more is needed to be done to achieve the 2020 target of reducing the number of unbanked Nigerians to 20 percent.
The Director of Banking & Payment Systems at the CBN, Mr Dipo Fatokun, said at the moment, Nigeria’s unbanked population stands at 37 percent.
“We have not done much with just less than two years to 2020. At the last count, we are just 37 percent. A lot of work needs to be done,” Mr Fatokun said at the third Annual Banking Security Summit organised by MAXUT Consulting in partnership with OneSpan, global data security company last Thursday in Lagos.
The central bank director recalled that in 2010 in Mexico, the CBN made a commitment to reduce the population of unbanked Nigerians to at least 20 percent by 2020.
“We made a commitment in Mexico then to reduce the number of unbanked to at least 20 per cent by 2020, then in 2010 we observed that over 46 per cent of bankable Nigerians didn’t have access to financial services.
“This was a major concern to the CBN and we made a commitment that in 10 years time, we would reduce the figure to far below 20 percent, Mr Fatokun, who was represented by Mr Musa Jimoh, CBN Deputy Director, Banking & Payment Systems Department, said at the event.
Mr Fatokun one of the things that kept people away from banks was charges.
Delivering a keynote address on ‘Preparing for Open Banking in Nigeria,’ Mr Fatokun said a survey conducted years ago showed that people were afraid to bring their monies to banks because of banking charges, and that complex experienced in opening of accounts contributed to the trend.
But he said the apex bank had to introduce several policies to promote financial inclusion in the country such as mobile money to enable banks provide banking services to the poor.
He also said the CBN had a review of bank charges to reduce with a view to reducing them as well as the introduction of super agents.
According to him, the apex bank also reviewed Know Your Customer guidelines to tone down the requirements for opening Tier 1, Tier 2 and Tier 3 bank accounts to promote financial inclusion.
He noted that no nation could progress or truly develop if majority of its population was under-banked or had no access to financial services.
By Dipo Olowookere
Tech enthusiasts interested in participating in the Take on Squad Hackathon, organised by Guaranty Trust Holding Company (GTCO) Plc, can now enter the contest via the official portal at https://squadco.com/hackathon.
The programme enters its third edition in 2026, and the theme for this year is Smart Systems: The Intelligent Economy, according to a statement issued by the organisers.
The hackathon brings together developers, designers and entrepreneurs across Nigeria in a collaborative environment to build practical solutions across key sectors, including financial services, healthcare, commerce and digital inclusion.
Participants are challenged to design and build intelligent, data-driven solutions that transform how communities engage with money.
It is part of the organisation’s commitment to fostering innovation, empowering talent, and supporting the development of technology-driven solutions that address real-world challenges across Africa.
“Today’s dynamic, digitally driven world demands continuous innovation, which is shaping how economies grow, how businesses scale, and how societies evolve.
“Through Take on Squad Hackathon, we are deliberately investing in the ideas and talent that will define the future.
“Our objective is not simply to encourage innovation, but to enable its translation into scalable solutions that deliver real and measurable impact.
“This reflects GTCO’s role as a financial services platform that connects capital, capability, and creativity to drive sustainable progress,” the Managing Director of HabariPay, Ms Eduofon Japhet, stated.
The social coding event remains a cornerstone of HabariPay’s mission to foster creativity and problem-solving among emerging tech talents. Competing teams will leverage Squad’s advanced APIs to create scalable digital tools that address everyday challenges faced by businesses and individuals.
Through initiatives such as this, GTCO continues to position itself at the intersection of finance, technology and enterprise, actively shaping the future of digital transformation in Africa.
By Dipo Olowookere
Banking services will not be interrupted throughout the Easter public holidays, from Friday, April 3, to Monday, April 6, 2026, for any reason, Ecobank Nigeria has assured its customers.
In a message over the weekend, the member of Africa’s leading pan-African banking group, Ecobank Transnational Incorporated, said customers would continue to enjoy quality service delivery during the period.
It noted that its secure and robust digital platforms would remain fully operational to support financial activities during the festive period.
All digital channels, including the Ecobank Mobile App, Ecobank Business App, USSD *326#, Ecobank Online, OmniPlus, Omnilite, EcobankPay, Ecobank Cards, ATMs, PoS terminals, and over 35,000 Ecobank Xpress Point agent locations nationwide, will remain accessible throughout the holiday, the financial institution further said, urging customers to conveniently conduct transactions at any time using this wide range of digital solutions.
Ecobank customers were encouraged to maximise the bank’s alternative channels for transfers, bill payments, airtime purchases, card services, and account management.
They were also advised to stay vigilant by shopping only on trusted websites; avoiding the sharing of PINs, passwords, and one-time passwords (OTPs); refraining from banking on public Wi-Fi networks; being cautious of urgent or emotionally charged messages; and regularly monitoring their account activity.
“Customers will continue to enjoy a full bouquet of services during the holiday, including local and international funds transfers, bill payments, airtime top-ups, merchant payments, balance enquiries, account statements, and cardless cash withdrawals via ATMs,” the Head of Products & Analytics, Consumer & Commercial Banking at Ecobank Nigeria, Mr Victor Yalokwu, stated.
“We understand that festive seasons come with increased financial activity, and our priority is to ensure our customers enjoy fast, reliable, and secure banking wherever they are.
“Our digital channels are designed to support uninterrupted transactions, and we have strengthened our systems to guarantee optimal performance throughout the Easter break,” he added.
Mr Yalokwu noted that, “Ecobank remains committed to providing innovative financial solutions and exceptional customer service. We wish all our customers and partners a peaceful and joyful Easter celebration.”
By Dipo Olowookere
Customers may have difficulty accessing the digital platform of Polaris Bank, known as VULTe, during the Easter holidays from Friday, April 3, to Monday, April 6, 2026.
This is because the financial institution is carrying out system maintenance on the platform in its effort to ensure users enjoy a better banking experience.
In a notice over the weekend, the lender said “access to VULTe may be limited,” but it provided an alternative, which is the PolarisXperience.
Polaris Bank, which expressed regret over “any inconvenience” this action may cause its customers, said the “scheduled system maintenance” would happen from 10 pm to 8 am daily, promising that normal service would return after the maintenance.
“In continuation of our commitment to delivering a seamless and improved banking experience, we will be conducting a scheduled system maintenance during the Easter holidays.
“During this period, access to VULTe may be limited. We have provided an alternative channel, PolarisXperience:
“Please go to our website to onboard or use it as an existing user. You can also use this link: (https://elogin.polarisbanklimited.com).
“We regret any inconvenience and appreciate your understanding. Normal service will resume after the maintenance,” parts of the notice seen by Business Post read.
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