Don't Miss

Emefiele restates CBN’s commitment to financial inclusion

By on December 6, 2014

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has restated the commitment of the central bank to ensuring the provision of affordable financial services to the low income and underserved adult population in the country.
Emefiele said this in a keynote address at the 2014 Financial Inclusion Conference organised by the Enhancing Financial Innovation and Access (EFInA), which took place in Lagos recently.
He said the commitment to financial inclusion was part of the Bank’s vision to become the model central bank delivering price and financial system stability and promoting sustainable economic development.
He added that as part of the CBN’s commitment, a Financial Inclusion Secretariat had been set up to coordinate the implementation of the Financial Inclusion Strategy.
The Conference which unveiled the results of the 2014 access to financial services survey, provided insights into sustainable financial inclusion models in other parts of the world and how Nigeria could learn from them.
Emefiele commended EFInA for its work towards promoting financial inclusion as well as the support the central bank had received in the implementation of its National Financial Inclusion Strategy.
He stated that although the journey to achieving Financial Inclusion was long, he believed that the sustained efforts of the industry would go a long way towards reaching the financial inclusion goals and targets.
The CEO of EFInA, Ms. Modupe Ladipo revealed the result of the access to financial services survey showed that the percentage of formally excluded adult Nigerians had reduced to 39.5 per cent. She stated that the figure was still relatively high as 23 per cent of adult Nigerians lacked formal education and less than 10 per cent were salaried.  She however stated that the good news was that the percentage of adult Nigerians formally included in the financial system had increased to about 50 per cent.
The conference ended with an award ceremony to celebrate institutions that had deepened financial inclusion in Nigeria and the CBN won the award of regulator that had deepened financial Inclusion.