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70% Of Bankable Adults Keep Money Away From Banks - Report - Business - Nairaland

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70% Of Bankable Adults Keep Money Away From Banks - Report by Adesiji77: 10:09am On Jun 30, 2016
Citing corruption, instability and distrust within the banking system, 70 percent of bankable adults in the country still preferred to keep their money away from the banks, a report sponsored by the Centre for Finance, Law and Policy (CFLP), Boston University has stated.

The study, which centered on “Consumer Perceptions and Saving Behaviour” of Nigerians in the aftermath of the 2009 audit of commercial banks by the Central Bank of Nigeria (CBN), stated that respondents were more concerned about banks’ reputation and stability as determining factors in their choice of banking.

The 2009 audit had among other things, revealed a third of the existing 24 commercial banks were critically insolvent.

Authors of the report-Assistant Professor of Economics, Boston University, Kehinde Ajayi and Researcher, African Studies Center, Boston University, Dr. Omale Ali Garba said the objective of the study was to understand what factors influence people’s disposition to using the formal banking system for financial services.

Ajayi said although the Nigeria Deposit Insurance Corporation (NDIC) claimed the Central Bank of Nigeria (CBN) had sufficient information about the banks on its website for people to access the information relating to the health of financial institutions, most Nigerians still don’t have access to these critical information.

“We also made the point that some people in the villages don’t have access to the Internet and so can’t go online to look for such information about the banks,” she told THISDAY at a workshop in Abuja.

The report further said there was lack of information on how the banks are doing.
Ajayi said: “A key message for the regulators is the fact that people are not aware, even though they’ve been doing a lot to make the information available, by publishing it on the websites…most people are not aware they could go and find out about how their banks are doing.”
She said: “They should think about sharing that information more widely, encouraging people to be financially literate because banks are competing for consumers and should know that if they are not behaving well, the costumes would go somewhere else, and so they will try to behave in a more responsible manner.

“People care about stability but they don’t have access to the information. Most people also say the reason they don’t have a bank account is that they don’t have money; because they don’t have regular income.

But at the same time, a lot of people say they’re saving money which means they must have money they are choosing not to put in the banking system. I think it’s a combination of people having enough money…increasing level of income reduce poverty when people have more money, then they’ll be more willing to put in the banks.”

Participants further raised concerns over what they termed as excessive bank charges which had discouraged individuals from patronising the banking system while others chided the banks for putting out complex requirements for owning a bank account.

A participant said the banks often deceived customers into signing documents which they only know their implications only after it’s rather too late-giving the banks leeway to fleece their customers.

Among other things, the report called for increased financial interest and literacy in order to increase trust in banks and reduce the negative consequences following a financial crisis.
It said regular information about bank stability and practices would increase consumer welfare and incentivize banks to maintain integrity in order to retain customers.

It added that poverty reduction was likely to increase as more people develop a stronger ability to save in banks.
http://www.thisdaylive.com/index.php/2016/06/30/report-70-of-bankable-adults-keep-money-away-from-banks/
Re: 70% Of Bankable Adults Keep Money Away From Banks - Report by maximunimpact(m): 12:49pm On Jun 30, 2016
Authors of the report-Assistant Professor of Economics, Boston University, Kehinde Ajayi and Researcher, African Studies Center, Boston University, Dr. Omale Ali Garba said the objective of the study was to understand what factors influence people’s disposition to using the formal banking system for financial services.

http://www.financialwatchngr.com/2016/06/30/70-bankable-adults-keep-money-away-banks-report/
Re: 70% Of Bankable Adults Keep Money Away From Banks - Report by Sensitivbin777(m): 12:49pm On Jun 30, 2016
There should be a second write up about how Banks defraud people.

6 Likes

Re: 70% Of Bankable Adults Keep Money Away From Banks - Report by Thunderlicious: 12:50pm On Jun 30, 2016
You no go blame dem. A country with a miserable minimum wage of about $50. No be who get money go dey look for bank to put am. Na so the money come plenty?

5 Likes

Re: 70% Of Bankable Adults Keep Money Away From Banks - Report by DoTheNeedful: 12:50pm On Jun 30, 2016
When they get robbed of their money where they are keeping it or lose their raw cash to inferno,I will be somewhere laughing at their "wisdom". wink

1 Like

Re: 70% Of Bankable Adults Keep Money Away From Banks - Report by Isoni(m): 12:51pm On Jun 30, 2016
70% what?

Hope the data for this research was not manipulated as usual?

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Re: 70% Of Bankable Adults Keep Money Away From Banks - Report by Omonigeriarere: 12:52pm On Jun 30, 2016
Nigerian youths that won't hesitate to keep 2k inside their bank account now keep it where?

What a fake report!

1 Like 1 Share

Re: 70% Of Bankable Adults Keep Money Away From Banks - Report by obaino860: 12:52pm On Jun 30, 2016
Adesiji77:

http://www.thisdaylive.com/index.php/2016/06/30/report-70-of-bankable-adults-keep-money-away-from-banks/



this information is for some fulks dat will come here to argue on d state with d highest number of banks creditors and debitors
Re: 70% Of Bankable Adults Keep Money Away From Banks - Report by dunkem21(m): 12:53pm On Jun 30, 2016
Money kept in the bank can be frozen.. grin

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Re: 70% Of Bankable Adults Keep Money Away From Banks - Report by rattlesnake(m): 12:53pm On Jun 30, 2016
I pray for all HND holders
Re: 70% Of Bankable Adults Keep Money Away From Banks - Report by Pyno30: 12:53pm On Jun 30, 2016
Why would i even want to keep my money in the Bank when Buhari is not Stable?

1 Like

Re: 70% Of Bankable Adults Keep Money Away From Banks - Report by bolt000(m): 12:53pm On Jun 30, 2016
I Highly Doubt This Report.

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Re: 70% Of Bankable Adults Keep Money Away From Banks - Report by StepTwo: 12:56pm On Jun 30, 2016
i no blame them, the kind thing Eco bank don do me, if no be mind wei i get i for no bank again for life.

1 Like

Re: 70% Of Bankable Adults Keep Money Away From Banks - Report by keepingmum: 12:57pm On Jun 30, 2016
why wont they hide their money, when the economy is in recession yet the govt refuses to acknowledge the recession and take steps to tackle it.

Again, budget money has not being released and we are over 1 yr in power despite the fact the budget has being approved.

BTW, anybody get Aisha Bubu picture for yankee?

2 Likes

Re: 70% Of Bankable Adults Keep Money Away From Banks - Report by Taiyescott(m): 1:02pm On Jun 30, 2016
Wait!!! wherez d money?? shebi na wen money dy person go dy tink of bank.. make dem comot 4 road jire!

1 Like

Re: 70% Of Bankable Adults Keep Money Away From Banks - Report by Spells(m): 1:04pm On Jun 30, 2016
The bank will deduct ur money Koko by kobo till da last drop....

1 Like

Re: 70% Of Bankable Adults Keep Money Away From Banks - Report by surestakes: 1:06pm On Jun 30, 2016
If I send you a birthday message and still charge you for it, would you like to be my friend? undecided

5 Likes

Re: 70% Of Bankable Adults Keep Money Away From Banks - Report by don4real18(m): 1:31pm On Jun 30, 2016
because
Re: 70% Of Bankable Adults Keep Money Away From Banks - Report by ernesty20(m): 1:37pm On Jun 30, 2016
I have up to 3 million thats not in bank.. Banks shud go to hell with their thief thief way of life

2 Likes

Re: 70% Of Bankable Adults Keep Money Away From Banks - Report by philfrey08: 2:05pm On Jun 30, 2016
I was looking for Lai muhammed's name...

Banks can be annoying
Re: 70% Of Bankable Adults Keep Money Away From Banks - Report by SmithHumble50: 2:43pm On Jun 30, 2016
It's a sad situation!
Re: 70% Of Bankable Adults Keep Money Away From Banks - Report by SmithHumble50: 2:44pm On Jun 30, 2016
ernesty20:
I have up to 3 million thats not in bank.. Banks shud go to hell with their thief thief way of life

Millionaire spotted!
Re: 70% Of Bankable Adults Keep Money Away From Banks - Report by phenase(m): 3:35pm On Jun 30, 2016
cool Criminally Minded Spotted (CMS)
Re: 70% Of Bankable Adults Keep Money Away From Banks - Report by TaiKuun(m): 3:36pm On Jun 30, 2016
after so many cases of financial rape by the banks
Re: 70% Of Bankable Adults Keep Money Away From Banks - Report by Nobody: 3:57pm On Jun 30, 2016
70% is just a mathematical interpolation from the number of people surveyed. They will never state this. angry
Re: 70% Of Bankable Adults Keep Money Away From Banks - Report by Folzye(m): 4:30pm On Jun 30, 2016
Where is the money self??
This one, States can't afford to pay salaries, kwara people stealing pot of food to survive and people no longer have savings as the price of things have skyrocketed.
Re: 70% Of Bankable Adults Keep Money Away From Banks - Report by fuadnero(m): 4:40pm On Jun 30, 2016
Where did they get the data from?


I trust naija students, we prefer to withdraw everyday at the ATM than to pile any money at hand

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