Financial institutions battling climate-related shocks, says IMF

IMF – 234 BANK BRANCHES, 649 ATMS CLOSED DOWN IN NIGERIA

The International Monetary Fund, IMF has revealed that it has closed down 234 branches and 649 Automated Teller Machines, ATMs, in 2020 adding that the closure has led to a decline in the country’s Financial Access Score (FAS) to 4.44 in the year against 4.78 in 2019. Information Guide Nigeria

OSG reports that the IMF said this during its Financial Access Survey 2021 Trends and Developments which was released on Monday, 1st November 2021.

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According to the report, the international community uses two FAS indicators to monitor the Target 8.10 of the 2030 Sustainable Development Goals (SDGs) with the objective of strengthening the capacity of domestic financial institutions to expand access to banking and financial services.

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OSG reports that the two FAS indicators are the Number of Commercial Bank Branches per 100,000 Adults and the Number of ATMs per 100,000 Adults.

According OSG, the reports indicates that Nigeria recorded declines in these two critical FAS indicators and 12 other indicators among the 64 indicators measured by the FAS and this was due to the decline in the number of commercial bank branches in Nigeria to 5,158 in 2020 from 5,392 in 2019.

As a result, the Number of Commercial Bank per 1,000 km2 in Nigeria fell to 5.94 in 2020 from 5.68 in 2019 and the number of ATMs per 100,000 Adults, the country’s Financial Access score fell to 17.19 in 2020 from 16.14 in 2020. Jamb Result

OSG reports that from the IMF report, there have been a sharp decline in the number of registered mobile money agent outlets in Nigeria to 129,154 in 2020 from 145,800 in 2019, representing 11 percent decline.

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