President Muhammadu Buhari has unveiled 7 key national policy assets of the Central Bank of Nigeria to drive financial inclusion and strengthen economic growth.
Financial inclusion has continued to assume increasing recognition across the globe among policy makers, researchers and development oriented agencies.
According to the CBN, it’s importance derives from the promise it holds as a tool for economic development, particularly in the areas of poverty reduction, employment generation, wealth creation and improving welfare and general standard of living.
A survey conducted in Nigeria in 2008 by a development finance organization, the Enhancing Financial Innovation and Access revealed that about 53.0% of adults were excluded from financial services.
The global pursuit of financial inclusion as a vehicle for economic development had a positive effect in Nigeria as the exclusion rate reduced from 53.0 % in 2008 to 46.3 % in 2010.
Encouraged by the positive development, the CBN in collaboration with stakeholders launched the National Financial Inclusion Strategy on 23rd October, 2012 aimed at further reducing the exclusion rate to 20% by 2020.
Specifically, adult Nigerians with access to payment services is to increase from 21.6% in 2010 to 70% in 2020, while those with access to savings should increase from 24.0% to 60%; and Credit from 2% to 40%, Insurance from1% to 40% and Pensions from 5% to 40%, within the same period.
“Our focus on leveraging digital innovations to drive financial inclusion was one of the main motivations for the launch of the eNaira, Nigeria’s digital currency.
To ensure that the eNaira is enabled for financial inclusion, a USSD channel for eNaira was created”. says CBN Governor, Godwin Emefiele.
As at the end of 2020 the financial exclusion rate had reduced to 35.9 percent. While this remains high when considered as absolute numbers, it is a huge improvement when compared to the position as at 2008 of 52.2 percent.
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