ADVERTISEMENT
  • Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Monday, September 15, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
    • All
    • Athletics
    • Basketball
    • Boxing
    • Esports
    • Football
    • Olympics
    • Paralympics
    • Tennis

    AFN Congratulates Amusan On Silver Medal Victory

    Lionel Messi’s Barcelona Rookie Card Sells For Record $1.5m

    Duplantis Sets New Pole Vault World Record For 14th Time At Tokyo 2025

    World Championships: Amusan Claims Silver In Women’s 100m Hurdles, Opens Team Nigeria’s Medal Count

  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
    • All
    • Athletics
    • Basketball
    • Boxing
    • Esports
    • Football
    • Olympics
    • Paralympics
    • Tennis

    AFN Congratulates Amusan On Silver Medal Victory

    Lionel Messi’s Barcelona Rookie Card Sells For Record $1.5m

    Duplantis Sets New Pole Vault World Record For 14th Time At Tokyo 2025

    World Championships: Amusan Claims Silver In Women’s 100m Hurdles, Opens Team Nigeria’s Medal Count

  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

CBN Charges Banks To Cut Charges To Attract Millennials, Gen-Z

by Bukola Idowu
3 years ago
in Business
cbn
Share on WhatsAppShare on FacebookShare on XTelegram

To attract millennials and Gen-Z, who form the larger part of the country’s population, into the financial sector, the Central Bank of Nigeria (CBN) urged banks to reduce bank charges and tailor banking services to meet their needs.

Advertisement

Deputy governor, Financial System Stability, CBN, Aisha Ahmad made the call at the Millennial & Gen Z Banking Survey Report Launch titled ‘Tapping the Millennial & Gen Z Markets: Redefining Opportunities for Financial Services Growth’ by FITC over the weekend in Lagos.

She 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.

“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.

“Nigeria’s population is significantly youthful so this is a very huge target area for financial institutions. The report provides insights into the way they relate to financial institutions, their expectations from their banks and other financial service providers, the kind of services they want, and the kind of value-added solution they expect,” she pointed out.

Related News

Schneider Electric Unveils All-in-one Electrical Safety, Connectivity Product

8 hours ago

Green Energy’s $400m Indigenous Terminal Ends 50-year Reliance On Foreign-built Export Infrastructure

15 hours ago

On charges, she said: “the CBN provides guidelines on the maximum financial service providers should take. Our expectation is that as they continue to use shard services because the conversation on charges is the cost of providing financial services. So as the costs reduce, we expect that those costs reduction should be passed on to customers and that should encourage more people to patronise the system.

“We continue to encourage banks to share services, to be more efficient by using technology and with that efficiency comes savings and we expect that savings to impact positively.”

Also, the managing director/CEO of Wema Bank, Mr. Ademola Adebise was represented by the chief digital officer, Wema Bank, Mr. Olusegun Adeniyi in unveiling the report said: “ reduction of bank charges and improved services. According to the survey, millennials and Gen-Z both requested for reduction in bank charges and interest rates on loans and on other product services and offerings from financial institutions.”

On her part, 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.”

“We recognised the need to speak directly to the Millennial and Gen Z market, to gain a clear understanding of their perception of traditional financial services, as well as their expectations and needs. We deployed this survey bearing in mind that this demographic is radically different from any other before them. Their unique needs and expectations of financial services are beyond the norm,” she added.

Join Our WhatsApp Channel

Tags: CBN
SendShare10202Tweet6377Share

Other News Updates

Business

Schneider Electric Unveils All-in-one Electrical Safety, Connectivity Product

2025/09/15
Business

Green Energy’s $400m Indigenous Terminal Ends 50-year Reliance On Foreign-built Export Infrastructure

2025/09/15
Business

Dangote Urges Prioritisation Of Food Security In Africa

2025/09/15
Business

Illegal Mining: Alake Hails Ansaru Leader’s Conviction

2025/09/15
Business

NCAA Launches Campaign Against Unruly Passengers At Airports

2025/09/15
Business

UBA Pledges $150m for Kenyan Roads, Commits to Africa’s Growth

2025/09/15
Leadership Conference advertisement

LATEST

‘Government Should Stop Reinforcing Bad Behaviour’, Ex-CP Ojukwu Faults Negotiations With Bandits

Aregbesola, Daniel, Mimiko Visit Olubadan-designate

Presidency Tackles Atiku Over ‘Hunger’ Claim

Jonathan Holds Democracy Dialogue In Ghana

JUST-IN: Federal Government Halts 4% FOB Customs Levy Over Trade Facilitation, Inflation Concerns

NDLEA Destroys 18,00kg Of Cannabis In Edo, Arrests 4 Suspects

FCT Minister Warns Intending Pilgrims Against Desertion

AFN Congratulates Amusan On Silver Medal Victory

JUST-IN: Tinubu Cuts Short Vacation, Returns To Abuja Tuesday

Singer Davido Clears Air On Viral Slap Video

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.