In a recent announcement, the Central Bank of Nigeria (CBN) acknowledges progress in financial inclusion but highlights persistent disparities, particularly among women, youth, MSMEs, and rural communities in the Northern regions. Speaking at the Enhancing Financial Innovation and Access (EFInA) 2023 Access to Financial Services (A2F) Survey launch in Lagos, CBN Governor Olayemi Cardoso assures stakeholders are committed to addressing these gaps, aligning efforts with a revised National Financial Inclusion Strategy aiming for a 95% inclusion rate by next year.
The CBN reports a positive shift in the financially included adult population, rising from 56% in 2020 to 64% this year, as per EFInA’s latest survey. Cardoso emphasizes renewed efforts to establish a robust financial infrastructure, expand digital financial services (DFS), and enhance coordination, capacity, and governance for financial inclusion.
The CBN’s recent guidelines, linking Tier 1 accounts to the Bank Verification Number (BVN) and the National Identification Number (NIN), aim to ensure the safety of the banking space for financially excluded individuals and the broader economy.
Cardoso highlights the survey’s findings, emphasizing the need to prioritize the financial health of adults amid global economic shocks. Financial inclusion stakeholders in insurance, pension, and capital markets are said to have developed relevant policies addressing economic shocks in the MSME sector.
Furthermore, Cardoso underscores the role of inclusive financial systems in protecting vulnerable individuals and communities during global uncertainties. These systems provide access to essential financial services, including savings, emergency funds, digital payments, credit, microloans, and social safety disbursements during crises.
As the Nigerian financial system evolves, Cardoso stresses the importance of regulators and stakeholders keeping pace with emerging developments sustainably. He asserts that a focus on financial inclusion is crucial for building a strong, broad-based economy that promotes growth, efficiency, stability, and inclusiveness in distributing the gains of financial development.
Cardoso commends EFInA for its consistent support for financial inclusion, citing its efforts in providing timely data through the A2F survey. He notes that these data have played a pivotal role in shaping policies, including the recently launched revised National Financial Inclusion Strategy.
In conclusion, the CBN boss emphasizes that an inclusive financial system, providing broad access to formal financial services, is essential for effective monetary policy transmission and achieving broader economic objectives. He points to evidence indicating substantial benefits for consumers, particularly women, youth, farmers, traders, and poor adults, highlighting the direct link between an inclusive economy and reduced income inequality.
