Banking

Nigerian Banks have not impacted on citizens- Osibanjo

Nigerian Banks have not impacted on citizens- Osibanjo.

The role and importance of of banking in the modern economy cannot be overemphasized, thus the need for these financial institutions to impact the lives of ordinary Nigerians.

On the wake of public presentation of a book titled “Banking Reforms in Nigeria; the law, the prospects and the challenges.’ Written by Bode Ayorinde a member of house of representative in Abuja yesterday. The vice President Yemi Osibanjo decried the low impact of commercial banks on the Nigerian citizens.

Records and statistics have shown that not up to 40 percent of the populace are into active banking as such have been deprived the opportunity that abounds in banking under friendly atmosphere as that will relatively better lives and improve the standard of living in the country only if Nigerian Banks can be repositioned.

It’s perhaps safe to say that most Nigerian Banks have not really impacted lives significantly. It’s therefore imperative that the people should embrace banking to further explore the opportunities that abound.

Banks high lending rate was however decried and should be adjusted to encourage small and medium enterprises rather than scare intending entrepreneurs with high lending rate. They should as well practice in consonance with what’s obtainable in other parts of the world.

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