CBN Targets Fresh 16 Million Nigerians To Deepen Financial Inclusion

The Central Bank of Nigeria said it is targeting to reach fresh 16 million Nigerian as it moves to close the country’s financial inclusion gaps.

The Associate Head, Financial Inclusion Secretariat, Central Bank of Nigeria, Paul Oluipke, said this during a virtual conference on closing the Financial Inclusion Gaps titled, ‘Leveraging Non-Interest Finance for Financial Inclusion’.

Oluipke said, “There are 6.9 milion in the rural areas, North-East (2.2 million), North-West (4.8 million), North-Central (2.9 million) and youth (3.7 million).

The CBN is working hard to achieve a wider inclusion and provide a foundation for 8.3 million people included in 2019 and by 2020 16 million people.”

The apex bank had recently reviewed guidelines for the operation of Non-Interest Financial Institutions including the Accelerated Agricultural Development Scheme, Textile Sector Intervention fund, Agri-business Small and Medium Enterprises Investment Schemes Micro Small and Medium Enterprises Development Fund, Non-Oil Export Stimulating Facility and the N50bn Targeted Credit Facility amongst others.

The apex bank also revised it’s national financial inclusion strategy which identifies the North, youths, women, rural and Micro, Small and Medium Enterprises as key to closing gaps and deepening financial inclusion.

The lender said the focus of the bank’s initiative would centre on the North, adding that there are larger people in need of financial services.

The CBN said the Non-Interest Financial Institutions are well placed to boost financial inclusion as it is asset backed with zero interest.

The apex bank noted that in the North, there was a need for Non-interest Finance, Agent Banking, Special Models, Traditional Channels, Digital Products and Financial Literacy.

The lender said among youths, there was a need for Financial Literacy, Digital Products, School Reach-out programs, Empowerment Schemes in order to educate people and increase awareness on financial services and safety measures to take online.

Among women, the apex bank said there was also the need for Tailored Products, Database on Women, Digital Products, Financial Literacy and Empowerment Schemes, a move to deepen the financial literacy level.