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Cardoso Calls for Stakeholders’ Commitment to 95% Financial Inclusion Target

...Nigeria’s Financial Inclusion Rises to 74%

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso has charged Financial Inclusion stakeholders to adopt a paradigm shift from just collaboration to a concrete commitment towards the attainment of the 95% financial inclusion goal in Nigeria.

Mr. Cardoso made the charge while delivering his keynote address on "Building a more Inclusive and Sustainable Economy: The Role of Financial Inclusion" at the launch of Enhancing Financial Innovation and Access (EFInA); and Access to Financial (A2F) Services in Nigeria 2023 Survey, held on December 13, 2023 at Eko Hotel, Lagos.

The Governor, who was represented by the Director, Other Financial Institutions Supervision Department (OFISD), Mr. Chibuike Nwaegerue noted that the Nigerian financial system has evolved with significant improvements, especially in the areas of market development, products, instruments, and payment infrastructure. This reinforces the need for the regulators and stakeholders to be constantly committed to achieving increased and steady financial inclusion in Nigeria. He stressed the need for an economy that promotes growth, efficiency, stability, and inclusiveness in the distribution of the gains of financial development.

Buttressing the importance of Financial Inclusion to national development, Mr. Cardoso maintained that financial inclusion is a key developmental objective that provides an opportunity for equitable distribution of financial resources to support economic growth. He observed that financial inclusion was key in the attainment of the Bank’s goal of price stability.

Buttressing the importance of Financial Inclusion to national development, Mr. Cardoso maintained that financial inclusion is a key developmental objective that provides an opportunity for equitable distribution of financial resources to support economic growth. He observed that financial inclusion was key in the attainment of the Bank’s goal of price stability.

Speaking further, on the relevance of financial inclusion in the economy, Mr. Cardoso stated that inclusive financial systems play a crucial role in protecting the most vulnerable individuals from the impacts of global uncertainties, by providing them with access to essential financial services.

He highlighted some of the efforts of the Bank towards promoting inclusive growth in the economy, which included the publication of Service Charter, the development of Regulatory Sandbox, and the establishment of the National Collateral Registry (NCR). Other initiatives highlighted were the launching of SabiMONI digital financial literacy platform, the introduction of the Nigeria Financial Services (NFS) Maps, and implementation of a framework for Advancing Women's financial inclusion in Nigeria, geared towards strategic imperatives to close the financial inclusion gaps in economy.

Earlier in her welcome address, the Board Chair of EFInA, Dr. Agnes Martins stated that the Access to Finance (A2F) survey is a combination of months of meticulous research, comprehensive data collection and insight for analysis, aimed at building a more prosperous society, especially for the vulnerable and marginalized.

She reaffirmed continuous commitment to fostering an environment conducive for financial empowerment, which recognize that access to finance is not a matter of convenience, but a fundamental human right that will uplift communities and ignite economic growth.

Presenting the 2023 A2F Survey Findings, which serve as Nigeria’s report card on financial inclusion, the General Manager of EFInA, Dr. Oluwatomi Eromosele reported that headline financial inclusion had grown to 74%, signifying that nearly 3 in 5 adult Nigerians were financially included in 2023 compared to about one in three adults that remained excluded in 2020. She stated that formal financial inclusion improved from 56% in 2020 to 64% in 2023, fueled by marginal growth in the banked population and major gains in non-bank formal adoption.

Following the findings, which she adjudged good progress, Dr. Eromosele reemphasized the need for more collaboration and commitment towards introducing complementary policies that would tackle endemic poverty and engender market-friendly economic policies with wider social impact of financial inclusion.

She commended the Central Bank of Nigeria for progressive regulations that had facilitated increased market competition in the financial market, which had been a major driver of progress in financial access and inclusion.