CBN Urges Banks to Prioritize Governance Over Accounts

The Central Bank of Nigeria (CBN) has called on financial institutions to prioritize governance over mere account-opening metrics to ensure better customer outcomes and maintain public trust. This statement was made by Philips Ikeazor, the Deputy Governor for Economic Policy at the CBN, during the 3rd National Corporate Governance Summit 2026 held in Lagos.

Ikeazor noted that while Nigeria's financial inclusion rate increased from 56% in 2020 to 64% in 2023, access alone does not guarantee active usage or customer security. He warned that weak governance could lead to rapid customer acquisition but result in poor service and increased fraud.

To address these issues, the CBN outlined a 10-point action plan requiring financial institutions to establish board-approved financial inclusion policies, set measurable targets, and conduct quarterly performance reviews. Additionally, the CBN mandated that institutions simplify transaction terms and ensure prompt reversal of failed transactions, while also emphasizing the need for rigorous bias checks in AI tools used for financial decisions.