KPMG: Nigerian Banks’ Assets Worth $117b and Growing

The banking sector is expected to grow to over $168 billion by 2015, a KPMG report on the subsector has said. The sector was worth $117 billion as at 2011, a Customer Service report by the global auditing firm said.

The report said while Nigeria may be Africa’s most populous country, only about 20 per cent of the population is banked and two-thirds have never been banked at all.

KPMG said the sector has recently experienced some regulatory changes, including a repeal of universal banking licences and the promulgation of more stringent regulations by the Central Bank of Nigeria (CBN), which was aimed at reducing soaring books of non-performing loans and stamp out severe breaches of corporate governance.