The Central Bank of Nigeria (CBN) has approved the creation of new bank accounts without deposits.
The directive is contained in the Monetary, Credit, Foreign Trade and Exchange Guidelines for Fiscal Years 2016/2017 guidelines.
Commercial banks require deposits of about N1,000 or N5,000 to open savings accounts and N10,000 and above for corporate accounts.
“The CBN shall continue to encourage banks to improve their deposit mobilization efforts. 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,” the guidelines said.