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The Economic and Financial Crimes Commission (EFCC) says it is not compulsory for Nigerians to have bank accounts in the wake of the influx of fraudulent activities in the banking sector.

Moreover, the EFCC has cautioned against people using mere phone numbers to open their bank 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.

He made this disclosure after his outfit had a meeting with heads of the various banks in Nigeria to see how best they can collaborate to minimize the fraud being on the rise in the banking sector in recti times. According to him, insiders facilitate most financial frauds in the banking industry.

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