The Economic and Financial Crimes Commission, EFCC, says Nigerians are not required to have a bank account amid a growing wave of bank fraud and insider trading in the banking industry.
EFCC also rejected the idea of opening a bank account with just a phone number, arguing that nearly 40% of Americans do not have an account.
Bawa Usman, EFCC regional head in Sokoto, made the statement Tuesday during a roundtable discussion with commercial bank compliance officials.
He said; “Nearly 40% of Americans do not have an account. So everyone in Nigeria is not required to have a bank account.
According to Usman, whose area includes Sokoto, Kebbi, and Zamfara, insiders facilitate most of the financial fraud in the banking industry.
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The Committee convened a meeting to strengthen relations and cooperation between the EFCC and banks in the fight against fraud.
The EFCC boss added that banks often frustrate EFCC investigations when they delay responding to their letters.