CBN Targets 20% Reduction in Financial Exclusion

Central Bank of Nigeria (CBN) said that it has begun the financial inclusion strategy (FIS) to reduce the number of Nigerian adults excluded from financial services from 46.3% in 2010, to 20% by the year 2020.

Mr. Jude Ndubisi Ekwebelem, PortHarcourt branch controller of CBN , stated this at the national financial inclusion workshop, organised by the bank and other stakeholders in the banking sector in Port Harcourt, the Rivers State capital Tuesday.

According to Ekwebelem, “the ultimate goal of the financial inclusion strategy (FIS) is to reduce the percentage of adult Nigerians that are excluded from financial services from 46.3% in 2010 to 205 in 2020.”

He affirmed that the programme  would enable the participants  know  how to access financial services hence, positioning them to become  good ambassadors of financial inclusion for the various organisations they represent.

Represented by Emmanuel Etok,Ekwebelem, acting controller,   he noted that CBN recently launched the N220 billion development fund for micro, small and medium enterprises in the country, stressing that 60% of the money would be channeled to women entrepreneurs.

“Recently, the bank launched the N220 billion micro, small and medium enterprises development fund, 605 of which will be channelled to women entrepreneurs. All these are quite commendable and we thank the development finance department for the coordinated interventions it has taken on behalf of the bank,” he stated.

Similarly, the head, National Financial Inclusion secretariat in CBN, Mrs. Temitope Akinfadeyi, said financial inclusion would  be realised  when all Nigerian adults have easy access to financial services irrespective of location.