E-Financial
CBN to Achieve $1trn Economy with Financial Inclusion Initiatives
The Central Bank of Nigeria has launched three initiatives aimed at realizing Nigeria’s vision of a $1 trillion economy by 2030 through financial inclusion.
The initiatives were launched at the second edition of the International Financial Inclusion Conference, which was held in Lagos on Tuesday under the theme, ‘Inclusive Growth: Harnessing Inclusion for Economic Development’.
The initiatives unveiled during this year’s conference include the Women Entrepreneurs Finance Code (We-Fi Code, which is a platform designed to transform the financing landscape for women-owned Micro, Small, and Medium Enterprises globally, the Women Financial Inclusion Dashboard which allows regulators and policymakers to identify and prioritise gender gaps in financial services;
The third initiative is the Roadmap for the Financial Inclusion of Forcibly Displaced Persons, which is aimed at mobilising the collaborative efforts of financial institutions, regulatory bodies, government agencies, and non-governmental organisations to support FDPs in overcoming financial barriers, accessing essential services, and establishing the foundation for their economic independence.
Olayemi Cardoso, the CBN Governor, in his welcome address, said that as we gather here today we reflect on Nigeria’s ambitious plan to reach a $1 trillion economy.
He said the Apex bank had been working assiduously to stabilise the economy, working through monetary policy to tame inflation and rebuild the confidence of the Nigerian people in its economy.
Cardoso emphasised that financial inclusion was central to achieving broad-based economic growth, stressing that Economically, financial inclusion impacts poverty reduction, income equality, employment generation, and overall productivity.
“When more people have access to formal financial services, they are better able to save, invest, and contribute to the economy,” Cardoso said.
Cardoso, while noting that financial inclusion ensures that people have access to bank accounts, credit, savings, and other essential services, maintained that widespread access to financial services is an enabler of economic activity.
According to him, Micro, small, and medium enterprises (MSMEs) which are the backbone of Nigeria’s economy can thrive with improved access to credit, creating jobs and boosting productivity.
The CBN Governor reiterated that financial inclusion was foundational to Nigeria’s sustainable economic development, saying that the Apex bank was keen on ensuring its Financial Inclusion Policies and Initiatives address the peculiar access to finance barriers for underserved populations, particularly women, youth, and MSMEs.
Furthermore, Cardoso emphasised that financial inclusion had the potential to unlock significant economic growth, particularly through the empowerment of SMEs, women, and other vulnerable segments of the population.
He disclosed that SMEs were responsible for over 80 percent of employment in Nigeria, yet many struggle to access the credit needed for expansion, adding that financial inclusion for SMEs was essential to unlock the full potential of this sector, which he said the Federal Government remained committed to supporting these enterprises.
Similarly, Babajide Sanwo-Olu, Lagos State Governor, urged various governments and stakeholders in Nigeria to remain focused on building a more inclusive economy, where no one is left behind, where every voice matters, and every individual has a fair chance to succeed.
Sanwo-Olu, who was represented by his Deputy, Obafemi Hamzat urged everyone to focus on the pursuit of financial inclusion, saying that this should be done with passion, purpose, and a shared vision of a Nigeria where every citizen has access to the tools and resources they needed to prosper.
According to him, the focus should be on building a more inclusive economy where no one is left behind, where every voice matters, and where every individual has a fair chance to succeed.
“Let us continue this work with passion, purpose, and a shared vision of a Nigeria where every citizen has access to the tools and resources they need to prosper.
“Let us remain focused on building a more inclusive economy where no one is left behind, where every voice matters, and where every individual has a fair chance to succeed,” Sanwo-Olu said.
African Development Bank (AfDB) is mobilising $2.2 billion to develop agricultural processing zones in 28 states in Nigeria to boost food security and create jobs, Akinwumi Adesina, the bank’s president said on Tuesday.
Adesina was speaking in northern Kaduna state while launching the first phase of the initiative that is targeting five states. This phase is being bankrolled by more than $500 million that was first announced in 2022.
The AfDB head said the funding needs for the second phase would be presented to the AfDB board shortly for approval.
“We have been able, I would like to say, to mobilize $2.2 billion of investment interest to support the second phase across Nigeria,” he said during the ceremony in Kaduna.
Adesina said besides the AfDB, Arab Bank for Economic Development, Africa Import-Export Bank, agri-investment fintech Sahara Farms and French and U.S. institutions were among institutions that would help raise the $2.2 billion.
The agro-processing zones aim to create facilities to process agricultural produce closer to farmers, which will reduce post-harvest losses and strengthen value chains from farms to market.
Last year, Nigeria spent $4.7 billion importing food, the AfDB said, a trend authorities also hope to reverse with more investment in the farming sector.
Nigerian authorities have postponed legal proceedings against Binance as tensions persist over the crypto exchange’s role in the country’s economic troubles.
According to a recent report, a court in Nigeria has pushed back the tax evasion case to April 30.
The delay gives the Federal Inland Revenue Service (FIRS) more time to respond to Binance’s request to cancel a previous court order that allowed legal documents to be served to the company via email.
The FIRS initially filed the lawsuit in February, claiming Binance owes the country a whopping $2 billion in taxes along with an additional $79.5 billion in economic damages.
Related court filings reveal that the agency is pushing for the exchange to pay corporate income taxes for the years 2022 and 2023.
On top of that, FIRS has demanded a 10% annual penalty on the unpaid taxes and nearly 27% interest on the outstanding amounts.
The agency has argued that Binance’s level of business activity qualifies as a “significant economic presence” in Nigeria, thereby making it liable for taxation under local law.
Binance, however, has challenged the court’s earlier decision to allow the order to be served via email.
According to Chukwuka Ikwuazom, Binance’s attorney, the order should be annulled, as Binance is registered in the Cayman Islands, has no physical office in Nigeria, and was served without proper court authorisation for cross-border delivery.
Since expanding its services to Nigeria on October 24, 2019, with the addition of Naira, Binance’s journey in the West African country has been marred with regulatory pushback.
Things came to a head in February 2024 when two Binance executives, Tigran Gambaryan, a US citizen, and Nadeem Anjarwalla, a British-Kenyan national, were unexpectedly detained by Nigerian authorities.
The executives had travelled to Abuja for what was supposed to be a series of meetings with government officials to address concerns around Binance’s local operations.
Instead, they were arrested and charged with tax evasion and money laundering.
The situation took a dramatic turn when Anjarwalla escaped custody in March and fled the country, reportedly making his way to Kenya, where he remains at large.
Gambaryan, however, stayed behind bars for months.
As previously covered on Invezz, reports soon started to surface that Gambaryan was suffering from pneumonia, malaria, and a herniated spinal disc, all while allegedly being denied proper medical attention.
His detention caught the attention of US lawmakers, which even led Representative Rich McCormick to introduce a resolution in July 2024 that classified his arrest as a hostage situation.
By October, the Nigerian government dropped the money laundering charges against Gambaryan, leading to his release on October 23, 2024.
He returned to the US the same month, bringing an end to a nearly seven-month-long detention.
In between, Binance officially halted all naira-related services and exited the Nigerian market in March 2024.
Moniepoint Microfinance Bank, a subsidiary of Moniepoint Inc., Africa’s leading digital financial services provider and the Continent’s fastest growing financial institution, is set to demonstrate its continuous innovations towards advancing financial inclusion in Nigeria.
The Federal Government recently hailed the contributions and remarkable achievements of Africa’s fastest-growing financial institution, Moniepoint Inc in the financial technology sector, its commitment to advancing financial inclusion, and its ongoing collaborations with law enforcement agencies to combat financial fraud.
Mr. Babatunde Olofin, the managing director, Moniepoint Microfinance Bank, has been announced among industry leaders to speak at the Payments Forum Nigeria (PAFON).
The Forum scheduled to hold on Thursday, April 10, 2025 at the Function Room 1, Oriental Hotel, Lekki Road, Lagos, has as the theme: “Bridging the Customer Experience Gap for Financial Inclusion Using AI”.
Babatunde Olofin is a digital innovator, entrepreneur and experienced banker; with two decades experience in digital financial product management within the telecoms, banking and fintech space.
Under his leadership, Moniepoint MFB is focused on providing comprehensive banking services that support the financial well-being of individuals and businesses across Nigeria.
Tunde is a well sought after conference speaker for the clarity and depth of thought he brings to issues around the transformation of Nigeria’s digital banking landscape.
He will join other speakers, namely, Ebehijie Momoh (Mrs), managing director and chief executive officer, AfriGoPay Financial Services Ltd., Uche Uzoebo (Mrs), managing director and chief executive officer, Shared Agent Network Expansion Facilities (SANEF) Limited and Mrs. Chika Nwosu, managing director and chief executive officer of PalmPay (Nigeria). and Fasasi Atanda, national president of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN).
Others include, Happiness Obioha, CEO, Tizel Cybersecurity, Olusoji Solomon Adeyemo, Azure Application and AI Specialist, Microsoft UK., Ibirogba Oluwagunwa, chairman, Lagos State Chapter, Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), Olusegun Gabriel Afolabi, co-founder & chief innovations architect, Face Technologies UK Ltd., and Chukwuemeka Enoch Mbaebie, the convener, Lagos Blockchain Week.
Chidera Amuta, Marketing Manager, Vendorcredit, is the event host.
According to Mr. Chike Onwuegbuchi, co-convener of Payments Forum Nigeria, “this year’s theme, ‘Bridging the Customer Experience Gap for Financial Inclusion Using AI’, underscores the urgent need to safeguard digital transactions against emerging threats while ensuring seamless financial inclusion and innovation”.
PAFON 2.0 will feature keynote presentation, fireside chat, panel discussion, networking opportunities, among other activities aimed at enabling knowledge sharing on key industry insights, issues, amongst key stakeholders, with the objective of ensuring a collaborative and proactive approach to push for policies that enable growth, tackling/mitigating fraud and limiting occurrences and losses in the payment industry.
Industry players such as Bankers, Fintech startups, mobile money operators, blockchain experts, Cybersecurity, etc., are among the expected attendees.
NCC Issues 90 Days Deadline to Telcos to Resolve Subscribers’ Unclaimed Airtime
Nigeria Eyes $20Bn Annual Revenue from Space Economy – Minister
AfDB Mobilizes $2.2Bn to Support Nigeria’s Agriculture
MTN Pens Moving Tribute to Pascal Gabriel Dozie, Former Chairman
NIPOST Threatens Courier, Logistics Service Providers
News2 days agoAOT Issues Bench Warrant against Sanusi, Aero Contractors MD
News2 days agoUS Cancels Visas for All South Sudanese Passport Holders
News2 days agoMeningitis Outbreak Kills 151 in Nigeria – NCDC
News2 days agoSERAP Calls on Tinubu to Reject $1.08Bn Loan, Probe Missing Funds
News2 days agoAfrimash Launches USSD Code to Revolutionize Poultry Farming and Combat Counterfeit Farm Produce
News1 day agoFG to Invest in Cutting-edge Broadcast Technology
News1 day agoHow KongaFM 103.7 Helped Cure My Insomnia Challenge
Broadcasting1 day agoMTN Battles Netflix, Showmax with New Streaming Platform