Standard Chartered Bank Nigeria has said that between the last three and five years, it has invested over $3 billion in technology in its efforts to promote growth of digital banking.
David Idoru, Head of Retail Banking, Standard Chartered Bank Nigeria, who stated this in a report tagged ‘The Rise of Nigeria’s Invisible Bank,’ said: “When we looked at the recent NIBSS report, total number of bank accounts as at September 2019 was 123.9 million; with total number of active accounts at 74.7 million, and total number of active bank customers (individuals) at 69.0 million. The importance of quick access to finance cannot be undervalued and with financial exclusion still, a barrier in Nigeria – only a digital innovation in banking can influence growth in the sector.
“While the obvious financial inclusion challenge is something we are keen to addressing, we ask ourselves, is this a problem that digital banking and innovation can solve? Yes, it certainly is. To buttress this, a report demonstrated that 59 percent of Nigerian customers prefer digital methods of banking, with only about 15 percent still fixed on the traditional form…
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