Banks and other Financial Institutions have been advised by the Central Bank of Nigeria (CBN), to reduce the cost of providing banking services to their customers, especially the underbanked and unbanked within the society.
CBN Director, Payment System Management Department, Musa Jimoh gave the advise at the Hope Payment Service Bank opening in Lagos. He described the cost of providing banking services to customers as ‘too high’. Jimoh said the apex bank will be monitoring the new entrants into the banking sector- Payment Service Banks- and assess the rate at which they offer their services to customers after six months of operation.
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