A financial expert, Dr Samuel Nzekwe, on Tuesday urged banks in the country to raise more funds through the informal sector in the New Year to meet their investors’ requests. Nzekwe, former President, Association of National Accountants of Nigeria (ANAN), stated this in Ota, Ogun, that a lot of idle funds existed in the informal sector.
According to him, commercial banks must come out with attractive products that will encourage those in the informal sector to lodge their funds. The commercial banks must fashion a customer-friendly product that will make people to deposit their money in the banks. “Over 50 per cent of the people in the informal sector do not lodge money in banks. “They shy away from banks because most banks’ products are not encouraging and friendly to customers. “’People prefer to use cash in doing businesses and this has not allowed the CBN’s financial-inclusion campaign to thrive,” he said. Nzekwe said that the ability of banks to redouble their efforts by targeting people in the informal sector would end the challenges of inadequate funds in the sector. He said that the introduction of the Treasury Single Account (TSA) by the Federal Government (TSA) had compelled banks to source funds from other legitimate sources to meet investors’ demands.