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Business News of Monday, 20 June 2022

Source: www.thisdaylive.com

CBN urges banks to reduce charges to attract Gen-Z

Deputy Governor, Financial System Stability, CBN, Ms Aisha Ahmad Deputy Governor, Financial System Stability, CBN, Ms Aisha Ahmad

The Central Bank of Nigeria (CBN), has urged banks to reduce bank charges and tailor banking services to attract the Millennials and Gen-Z into the financial sector.

Deputy Governor, Financial System Stability, CBN, Ms Aisha Ahmad made the call during the Launch of the Millennial & Gen Z Banking Survey Report by FITC over the weekend in Lagos.

Titled, “Tapping the Millennial & Gen Z Markets: Redefining Opportunities for Financial Services Growth,” the report identified enormous bank charges as a major challenge to traditional banks in attracting millennials.

Meanwhile, Ahmed noted that with Nigeria’s population largely dominated by the Millennials and Gen-Z, it has become pertinent for banks to take providing services suited for that demographic if they are to remain in business for the long run.

She said: “A lot has happened in the industry and there has been a lot of transformation, a lot of innovation, and digital technology has come into change the way financial services are delivered. Also, most importantly to change the way people and different segments use financial services. And that is why this report is important because it focuses on a very important and strategic segment for banks and non-bank financial institutions and that is the millennials and Gen-Z.”

Speaking, the Managing Director/Chief Executive Officer, FITC, Ms Chizor Malize said: “This survey was necessitated by the rapid changes within the financial services sector, occasioned by the advent of fintech in Nigeria.

“With fintech steadily gaining ground within the Millennial and Gen-Z markets over the last few years, it became apparent that we needed a clear understanding of these target groups’ perception of traditional players within the Financial Services Sector.”