The policies are to boost Nigeria’s aim of 95% financial inclusion by 2024.
Nigeria’s pursuit of financial inclusion as a drive for boosting economic development and enhancing the aim of attaining a 95 percent financial inclusion rate by 2024 has received an uptick as the federal government of Nigeria rolled out five strategic policy reports. This was unveiled at the ongoing international financial inclusion conference in Abuja, tagged Financial Inclusion for all, Scaling Innovative Digital Models. At the event, President Muhammadu Buhari reiterates the government’s commitment to backing financial inclusion for the country’s economic development.
The five strategic policy reports unveiled are namely, the Revised National Financial Inclusion Strategy, National Strategy for leveraging agent networks for Women’s Financial Inclusion, National Fintech Strategy, Nigeria Financial Services Maps (NFSMaps) and Payment System Vision 2025. President Muhammed Buhari, who was represented by Muhammad Bello, minister of the Federal Capital Territory (FCT), asserts that several interventions, such as the launch of the e-naira in 2021, have been implemented in order to expand the reach of financial inclusion, especially to underserved Nigerians.
Several programs were emplaced for financial institutions’ services.
He further explained that as part of the government’s continuous effort to fully harness the potential of financial inclusion, it has also rolled out several programs for financial institutions to leverage. The programs, which include the micro financial policy, policy for microinsurance and collective investment and national strategy for the digital economy, among others, have so far aided financial institutions in delivering quality financial service to the people and have facilitated rural areas residents’ access to credit without further hassle.
According to Godwin Emefiele, Governor of CBN, infrastructure shortcomings led to Nigeria’s financial exclusion predicament. These shortfalls include a lack of a working national identification system, poor internet penetration, and the high cost of supplying financial services through bank branches to the underserved. Emefiele said that the need to prioritize and harness the potential of digital technologies to increase financial inclusion was a driving factor in the introduction of the e-naira. He claims that players in the banking and insurance industries, among others, have implemented no less than 59 policies and initiatives from 2012 to 2022. This works toward the goal of increasing access to financial services.
Financial inclusion recorded only 5% growth from 2017 – 2021.
The CBN Governor noted that focusing on financial inclusion is critical to ensuring the Nigerian economy’s long-term development and growth. He added that with the financial inclusion aim onset, the priority is also on achieving further milestones encompassed in the revised National Financial Inclusion Strategy. Aishah Ahmad, the Central Bank of Nigeria’s (CBN) deputy governor, has said that the CBN’s activities aim to enclose the rural-urban divide. She also noted the need to mobilize, use appropriate resources, and work with regulators and innovators to accomplish this objective.
According to Queen Máxima of the Netherlands, the UN Secretary-Special General’s Advocate for Inclusive Finance for Development (UNSGSA), financial inclusion has grown by just 5% between 2017 and 2021, with a significant gender difference. After seeing the widespread use of digital transactions in rural regions, Queen Máxima has called for a nationwide push to expand access to financial services. She highlighted the National Identification Number (NIN) and Bank Verification Number (BVN) campaigns as practical tools for driving financial inclusion goals.
CBN established a Financial Inclusion Secretariat to facilitate the goal.
Increased acceptance and use of financial services in priority demographics, among other things, are at the heart of the National Financial Inclusion Strategy’s push to attain the financial inclusion objective of 95% by 2024. The bank has established a Financial Inclusion Secretariat to facilitate and coordinate the strategy’s implementation and is working on a framework to ensure the safety of consumers. Increasing rates of access to financial services are a direct result of the strategies execution.
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Nice move by the presidency but there is still a monster in the country system called Mr bribery and corruption that need to be dealt with.
As rightly pointed out by the CBN governor that the lack of adequate infrastructures as resulted in what we have in Nigeria today. Even if we have a favourable policies we still need working infrastructure to be able to benefit from the economy and contribute to growth of the country.
The question is if all the policies been rolled out will be effectively putinto use to boost the economy and continue to sustain it
Achieving the 95 percent financial inclusion aim will be a milestone achievement for the country. Major stakeholders and private bodies should also be endeavor to support this great course for the growth of the country’s economy.
I just hope this planned strategies will now do the work we have failed in over some time. We really need to get this country back to working, so we need stabilizing strategic policies.
The federal government of Nigeria needs to increase its focus on financial inclusion as a means of spurring economic growth and advancing the country toward its goal of achieving a high percentage of the population with access to formal financial services.
the dedication of the government to supporting financial inclusion as a means of promoting the economic growth of the country since it will be of great benefit to us.
Launching the electronic naira in 2021 is just one example of the many initiatives implemented to increase access to financial services for all Nigerians.
The government is committed to maximizing the benefits of financial inclusion, thus it has released a number of programs that financial institutions can use.
In order to implement this policy smoothly and efficiently, the bank has set up a Financial Inclusion Secretariat and is developing a framework to safeguard its customers.
Financial institutions’ ability to provide excellent financial service to the people and increase access to credit for those living in rural regions has been supported, among other things, by the implementation of national strategies for the digital economy.
After witnessing the widespread adoption of digital transactions in rural areas, we ought to call for a nationwide push to expand access to financial services.
The question that has to be answered is whether or not all of the measures that have been implemented will be put to effective use to grow the economy and continuing to sustain it.
Nigeria needs to prioritize financial inclusion to boost economic growth and reach its aim of a large percentage of the population with access to formal financial services.
the commitment of the government to supporting financial inclusion as a way of promoting the economic growth of the country as a method of promoting economic growth that will be of great advantage to us because it will be of tremendous benefit to us.
Even if we have a favourable policies we still need working infrastructure to be able to benefit from the economy and contribute to growth of the country.
We need to make use of financial incision to help boost and improve our economy growth it will serve as effectiveness for the country to grow and people will benefit
Any program that can encourage improvement of our economy is highly welcome because Nigeria is seriously going through alot and need very robust program to boost the economy.
Federal government unveils strategic policies. Am policies that will boost our economy is welcome, if truly they can be sincere to us
It is really nice that our government is now thinking of creating policies that is favourable to businesses and boost the economy.
The initiatives, which so far have aided financial institutions in providing people with high-quality financial services, include the microfinance policy, policy for microinsurance, collective investment, and national strategy for the digital economy.
These deficiencies include the absence of a functioning national identification system, low internet usage, and the high cost of providing financial services to the underserved through bank branches.