ADVERTISEMENT
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
Thursday, October 9, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
  • News
  • Finance
  • StartUPs
  • TechTAINMENT
  • Guest Writer
  • Digital Assets
  • IndustryINFLUENCERS
  • Environment
  • Macro Monday
ADVERTISEMENT

Banks Recapitalisation to Boost Financial Inclusion – Cardoso

CBN recapitalisation requirements and Banks in Nigeria

Some of the commercial banks in Nigeria

Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), has reiterated that the recapitalisation of the Nigerian banking industry is essential in ensuring that micro, small and medium scale enterprises (MSMEs) are able to access adequate capital to grow their businesses.

The CBN had mandated commercial banks in the country to shore up their capital base over the next two years.

Cardoso, in his remarks at the second International Financial Inclusion Conference 2024 in Lagos, noted that, almost one-third of Nigerians not being able to access capital to grow their businesses, secure savings for the future, or obtain insurance to mitigate risks remains a critical challenge for the country.

Stating that the CBN, alongside the bankers committee and other stakeholders in the financial industry remain committed to ensuring that the country achieves a 95 per cent financial inclusion, Cardoso said, the apex bank is keen on ensuring its Financial Inclusion policies and initiatives address the peculiar access to finance barriers for underserved populations, particularly Women, Youth, and MSMEs.

Cardoso, while emphasising that financial inclusion is foundational to Nigeria’s sustainable economic development, said, CBN had introduced new minimum capital requirements for banks as part of efforts to deepen financial inclusion.

“This strategic move ensures that banks are well-capitalised, enabling them to take on greater risks, particularly in underserved markets. With stronger capital bases, banks can provide more loans and financial products to MSMEs, rural communities, and other vulnerable segments that have previously struggled to access formal financial services,” he said.

He stated further that, aside from strengthening financial stability, the recapitalisation of the banking industry serves as a catalyst for inclusive growth.

“By enabling banks to extend more credit to MSMEs, we enhance job creation and productivity. Furthermore, with increased capital, banks can invest in technology and innovation, crucial for driving digital financial services such as mobile money and agent banking.

“These technologies are key to breaking down geographic and economic barriers, bringing financial services to even the most remote areas. Financial inclusion has the potential to unlock significant economic growth, particularly through the empowerment of small and medium-sized enterprises (SMEs), women and other vulnerable segments of the population.

“SMEs are responsible for over 80 per cent of employment in Nigeria, yet many struggle to access the credit needed for expansion. Financial inclusion for SMEs is essential to unlock the full potential of this sector, and the Nigerian government remains committed to supporting these enterprises.

“Similarly, women play a critical role in driving inclusive growth. Research shows that when women are financially empowered, they reinvest in their families and communities, creating broader socio-economic benefits. Yet, women in Nigeria are disproportionately excluded from the formal financial system.

“The Central Bank of Nigeria has made significant strides in promoting financial inclusion for Women and youth, particularly through Frameworks aimed at closing gender gaps and regulatory support for digital platforms that offer easier access to financial services for these vulnerable groups. With programs aimed at financial literacy, the CBN is also empowering young Nigerians to become financially independent, fostering entrepreneurship, and driving economic growth across the country” he said.

On his part, CBN’s deputy governor, Financial System Stability, Philip Ikeazor, whilst pointing out that financial exclusion rate in the country had dropped from 46.3 per cent in 2010 to 26 per cent as of 2023, noted that “despite this progress, there are over 28 million Nigerians who still have no access to formal financial products and services and certain challenges persist, particularly in ensuring financial access for five most excluded demographics: women, youth, rural communities, Northern Nigeria and Micro, Small and Medium Enterprises (MSMEs).”

0Shares

Tags: Cardosorecapitalisation
Staff Writer

Staff Writer

Next Post
NNPC Limited records 400 incidents and petrol

Shake-Up at NNPC

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  • About
  • Advertise
  • Careers
  • Contact Us

© 2025 TECHECONOMY.

No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs

© 2025 TECHECONOMY.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.