COVID-19: Nigerian Banks Closed 234 Branches, 649 ATMs In 2020 – IMF

A survey by the International Monetary Fund (IMF) has disclosed that about 234 banks across the country were closed in 2020 due to the economic and health challenges brought about by the outbreak of Corona virus.

The survey which was published on the website of the Fund also showed that apart from the cut in the number of branches, 649 Automated Teller Machines (ATMs) were permanently closed from providing financial services to bank customers across the country. Information Guide Nigeria

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Nigeria’s monetary agencies have been putting efforts at expanding banking services across the country with a focus on driving an ambitious financial inclusion target. jamb results

A detailed view of the survey showed that the number of registered mobile money agent outlets per 1000 km2 took a downward curve in 2020 to 141.81 in the year under review against the 160.08 recorded in the previous year. LEADERSHIP reports.

According to the survey, the number of registered mobile money accounts per 1000 adults also decreased from 134.82 in 2019 to 60.9 in 2020.

However, the figure of borrowers from commercial banks per 1000 adults grew from 25.42 in 2019 to 29.61 in the following year when COVID-19 wreaked havoc on the global economy.

The survey showed that the latest FAS gender-disaggregated data showed mixed results in terms of women’s financial inclusion owned deposits and loans at commercial banks remained stable or even increased in some countries.

“These results may be partly attributed to gender-sensitive measures taken to support women’s financial access during the pandemic. However, the number of female borrowers per 1,000 female adults fell in several economies and, in some cases, gains from previous years were reversed in 2020,” the IMF’s Financial Access Survey 2021 Trends and Developments showed”.

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