Banks Agree To Minimize Rate Of Retrenchment Of Workers

The Central Bank of Nigeria (CBN) has restated its commitment to ensure a financial inclusion for Nigerians in the financial system to 80% by the year 2020.

CBN Headquarters

CBN Headquarters

Addressing newsmen in Abuja shortly after the bankers committee meeting, CBN’s Director of Banking Supervision, Mrs Tokunbo Martins said over 60% of Nigerians have already been covered.

The Director, Banking Supervision of the Central Bank Of Nigeria, Mrs Tokunbo Martins expressed worry that despite all the efforts by the apex bank to ensure that all Nigerians are included in the banking system, the nation still has an inclusion rate of 60.5 percent. She noted that they are targeting 80 percent inclusion by 2020 and by the end of this year it would achieve additional 8% which is about 6 million of the population.

The meeting which is the 327th bankers committee meeting also centered on addressing major exchange rate and other financial  issues with a view to building a viable financial management system for the nation.

Following the Federal Government’s threat to withdraw the license of banks that indulge in further retrenchment, the Chief Executives of money banks also agreed to minimize the rate of retrenchment in their institutions but noted that they will not hesitate to exit employees on the basis of fraud and other offences.

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