In an effort to ensure financial inclusivity for all Nigerians, regardless of socio-economic status, the federal government has officially signed the Aso Accord agreement with state governments and Private Sector entities. This remarkable agreement aims to make financial services more affordable and readily available to marginalised or low-income people within the country. Stanley Nkwocha, the vice president’s assistant, revealed this information in a public statement. During an Economic and Financial Inclusion workshop at the Presidential Villa Banquet Hall in Abuja, Nkwocha highlighted the signing of the Accord over two days ago.
The agreement was signed by federal government representatives, including Vice President Kashim Shettima, Minister of Finance Wale Edun, and Central Bank Governor Yemi Cardoso. Governor AbdulRahman AbdulRazaq from Kwara State, acting as the Chairman of the Nigeria Governors Forum (NGF), officially endorsed the Accord on behalf of all the states. Mr. Abubakar Suleiman, the Managing Director and CEO of Sterling Bank PLC, signed the agreement on behalf of the private sector. During the workshop’s commencement, Vice President Shettima urged state governors and other key stakeholders to reaffirm their dedication to the country’s economic and financial inclusion initiatives.
Leaders renew pledge to boost economic and financial inclusion efforts.
He emphasises the importance of collaborating to build a future where all Nigerians can thrive and feel included. During his speech, he expressed gratitude towards all the respected individuals who have played a crucial role in promoting financial inclusion in Nigeria. The Central Bank of Nigeria’s Governors, both past and present, and the Federal Ministry of Finance have continuously worked tirelessly to champion this noble cause, demonstrating unwavering dedication and playing indispensable roles. It brings him great joy to declare that including the Aso Accord for Economic and Financial Inclusion in their agenda is a point of pride.
Also, the agreement reflects a fresh dedication from leaders to promote economic and financial inclusion, demonstrating a shared determination to build a brighter and more equitable future for all people in Nigeria. On his part, Senator Hassan Hadejia, the Deputy Chief of Staff to the President, highlighted the urgent need for stakeholders to tackle the increasing gender disparity in inclusion, noting the significant pressure they are under to deliver results. He emphasised the importance of making financial services available to all individuals, per President Tinubu’s call for inclusive approaches and frameworks to reach objectives.
Lack of financial access increased instability and poverty in the country.
HRH Sanusi Lamido Sanusi, the 14th Emir of Kano and ex-CBN Governor, urged a reconsideration of approaches to enhancing financial Literacy and inclusion across the country. He emphasised the need for continuous dedication to this initiative and recommended integrating financial literacy into academic programs. He observed a correlation between lack of financial access and rising levels of instability and Poverty within the nation. The event was attended by a variety of high-ranking officials, including the Minister of Budget and Economic Planning, Sen. Abubakar Bagudu; the Deputy Governor of Borno State, Umar Usman Kadafur; the Minister of Women Affairs, Uju Kennedy-Ohanenye; the Deputy Governor of Kebbi State, Abubakar Umar Tafida; as well as leaders of various government agencies.
This Aso Accord also includes a commitment to leveraging Technology to increase access to financial services, particularly in remote and underserved areas of the country. This will involve initiatives such as mobile banking, digital payment platforms, and Fintech solutions to bridge the gap and ensure that even those in rural communities have access to affordable financial services. By embracing Innovation and technology, the stakeholders involved in the Accord are demonstrating a forward-thinking approach to financial inclusion in Nigeria.
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Lastly, the agreement outlines a plan to provide financial Education and training programs to equip Nigerians with the knowledge and skills to manage their finances effectively. By empowering individuals with financial literacy, the aim is not only to increase access to financial services but also to promote Financial Stability and independence among the population. Through collaborative efforts between the government, private sector, and state authorities, the Aso Accord is set to transform the financial landscape in Nigeria and improve the lives of millions of citizens who have previously been excluded from mainstream financial services.