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Technology | Data & Financial Inclusion

Roadmap 2020: Nigeria's Financial Exclusion Rate Currently 36.8% - CBN

Oct 14, 2019   •   by   •   Source: Proshare   •   eye-icon 3226 views

Monday,October 14, 2019 / 07:22 PM / Bukola Akinyele for Proshare WebTV / Header Image Credit: Woodgreen 


Nigeria's Financial Exclusion rate has dropped from 46.3% to thecurrent 36.8 %, representing a 10.2% reduction. 

The Head, Financial Inclusion Strategy for the Central Bank ofNigeria Mr. Joseph Attah disclosed this at the recent South-South Zonal forumin Port Harcourt, for Financial Services Agents, powered by Enhancing Financialand Innovation Access, EFINA in collaboration with the Shared Expansion NetworkFacility, SANEF.

Mr. Attah said the ambitious goal of achieving the required 20%financial exclusion rate by 2020 was intact and a top priority for the CBN andother financial sector actors.

The CBN Official informed the stakeholders that it was looking atalso deepening other financial products in the country like micro-insurance,savings credit, insurance and payment services through financial serviceagents.

According to him, Finance was critical to national development,and nations develop faster when there is increased financial penetration.

Speaking further, Mr. Attah said the CBN was planning an "AccountOpening Week"  for Nigerians that will increase financial literacy, whichwill in turn improve financial inclusion.

Attah also noted that Youth Corp members would be engaged toexpand the scope of the financial literacy campaign in the country.

He said the CBN would work with SANEF to support the activities offinancial services agents, who are critical to financial inclusion in thecountry. 

In 2012, the Central Bank of Nigeria adopted the NationalFinancial Inclusion Strategy, NFIS, which articulated the demand-side,supply-side and regulatory barriers to financial inclusion, identified areas offocus, set targets, determined key performance indicators (KPIs) andestablished the implementation structure. 

The NFIS focuses on four strategic areas of agency banking, mobilebanking/mobile payments, linkage models and client empowerment. Four priorityareas for guideline and framework development include Tiered Know-your Customer(T-KYC) regulations, agent banking regulations, national financial literacystrategy and consumer protection. 

The NFIS guideline  reviewed in 2018, led to thefollowing  five (5) priorities  that will serve as action points;

  1. Create an enabling environment for the expansion of DFS.
  2. Enable the rapid growth of agent networks with nationwide reach.
  3. Harmonize KYC requirements for opening and operating accounts/mobile wallets on all financial services platforms.
  4. Create an enabling environment for serving the most excluded.
  5. Improve the adoption of cashless payment channels, particularly in government-to-person and person-to-government payments.

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Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.

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