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Nigerians don’t need bank accounts — EFCC boss Bawa

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The Economic and Financial Crimes Commission (EFCC) says it is not compulsory for Nigerians to have bank accounts amid the rising spate ofbank frauds and insider crimes in the banking sector.

The EFCC also kicked against the idea of opening bank accounts with “mere phone numbers,” arguing that nearly 40 per cent of Americans do not have accounts.

“Nearly 40 per cent of Americans do not have accounts. So, it is not very compulsory for everybody in Nigeria to have a bank account,” said Bawa Usman, zonal head of the EFCC in Sokoto.

According to him, insiders facilitate most financial frauds in the banking industry. Mr Usman, whose zone covers Sokoto, Kebbi, and Zamfara, stated this on Tuesday in Sokoto at a roundtable with compliance officers of commercial banks. The EFCC convened the meeting to strengthen the relationship and collaborations between the EFCC and the banks in tackling frauds.

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