The Central Bank of Nigeria (CBN) is doing all it can to intensify financial inclusion in the year 2020. As part of their financial inclusion target, Enhancing Financial Innovation & Access (EFInA) has identified data-driven technological innovation and sustainable relationship between stakeholders as the bedrock to a financially inclusive country.
Speaking at a quarterly Digital Financial Master Class organized by the leading fintech firm Social Lender in Lagos, Henry Chukwu made the assertion that “EFInA is a financial sector development organization which promoted financial inclusion in Nigeria. Although Nigeria is making positive steps towards meeting the target, there’s a need to create and maintain a good working relationship of the framework between the operators and regulators towards building an inclusIve economy.”
He also said that if the measures are properly executed, the target set by the CBN would be met and would serve as a bedrock for economic sustainability. According to EFInA, 36.8 percent of Nigeria adults has been excluded from the financial cycle and this translated to a population of 36.6 million people who at the moment are not included in the financial net.
This leaves the apex bank with an inclusion gap of 16.8 percent expected to be bridged at the end of 2020 to enable the CBN to achieve the 20 percent exclusion rate.
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According to Chukwu the continuous market sensitization would build a long-lasting trust between operators and end-users which is central to bridging the financial gap. He further stated that the target set by CBN can be achieved with sustained modalities and initiative can be met by the end of the year.
