Deputy governor, Financial System Stability, CBN, Aisha Ahmad made the call at the Millennial & Gen Z Banking Survey Report Launch titled ‘Tapping the Millennial & Gen Z Markets: Redefining Opportunities for Financial Services Growth’ by FITC over the weekend in Lagos.
“A lot has happened in the industry and there has been a lot of transformation, a lot of innovation, and digital technology has come into change the way financial services are delivered. Also, most importantly to change the way people and different segments use financial services. And that is why this report is important because it focuses on a very important and strategic segment for banks and non-bank financial institutions and that is the millennials and Gen-Z.
“Nigeria’s population is significantly youthful so this is a very huge target area for financial institutions. The report provides insights into the way they relate to financial institutions, their expectations from their banks and other financial service providers, the kind of services they want, and the kind of value-added solution they expect,” she pointed out.
On charges, she said: “the CBN provides guidelines on the maximum financial service providers should take. Our expectation is that as they continue to use shard services because the conversation on charges is the cost of providing financial services. So as the costs reduce, we expect that those costs reduction should be passed on to customers and that should encourage more people to patronise the system.
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