Banks Must Invest In Young People, Not Exclude Them-afdb President

President of the African Development Bank AfDB, Dr Akinwumi Adesina , has expressed deep concern over the failure of Nigeria's commercial banking system-and by extension, that of Africa-to support young entrepreneurs with viable business ideas.

Speaking during an interview with Channels Television on Thursday, Adesina noted that the financial system is fundamentally not designed to accommodate or encourage youth innovation, describing the current model as structurally exclusionary.

Reflecting on his years in banking, Adesina explained the challenges faced by young Nigerians when seeking financial support from banks.

"You walk into the bank, and you see young people, 21 years old, coming in. In your risk assessment, the only thing you see is risk, risk, risk. And so you go ask them for securities that they need to bring to you," he said.

He criticised the unrealistic criteria often imposed on applicants, such as providing land ownership documents or decades-long tax records.