EFINA URGES BANKS TO MAKE RECAPITALISATION BENEFIT CUSTOMERS THROUGH BETTER SERVICES

Enhancing Financial Innovation & Access (EFInA) has urged Nigerian banks to ensure that the ongoing recapitalisation process leads to cheaper, safer, and more accessible financial services for customers.

The organisation said strengthening banks’ capital base should go beyond meeting regulatory requirements and should translate into improved service delivery, increased financial inclusion, and greater access to affordable financial products.

EFInA noted that a stronger banking system should support individuals, small businesses, and underserved communities by providing more efficient digital solutions, affordable credit, and secure banking platforms.

Financial experts said recapitalisation presents an opportunity for banks to invest in technology, expand their reach, and improve resilience against economic shocks. They stressed that customers should be among the biggest beneficiaries of the reforms.

The Central Bank of Nigeria’s recapitalisation drive is aimed at strengthening financial institutions, improving stability, and positioning the banking sector to support long-term economic growth.

EFInA added that banks must prioritise trust, transparency, and customer-focused innovation to ensure that the benefits of a stronger financial system reach more Nigerians.