80% financial inclusion target by 2020 is possible - CBN

In spite of skepticism from some experts that the 80 percent financial inclusion target for all adult Nigerians by year 2020 is impossible, the Central bank of Nigeria (CBN) has assured that the target is achievable.

The latest data of financial inclusion shows that in 2016 only 58.4 percent of adult Nigerians where financially included as against 60.5 percent in 2014 which shows there has been no improvement between 2014 and 2016.

Butspeakingattheinauguration of the financial Inclusion State Steering Committee (FISSCO) in Abuja yesterday, the CBN Abuja Branch Controller Elizabeth O. Agu, said the broader aim of the target is that 80 percent or more of our adults population should have access to and make use of financial services, with at least 70 percent of that number in the formal sector.

Agu, who is also the Chairperson of the Committee noted that there were specific targets for different financial services such as payments, savings, credit, insurance and pensions and the channels through which the services will be delivered.

“The cross-cutting and diverse nature of the targeted services require collaborative efforts by stakeholders in the financial service providers at the state level are pertinent to achieving at least 80 percent inclusion of adult population by the year 2020” she noted.

According to her, the target that has been set for Abuja include; each deposit money bank branch in Abuja should sign on at least 1,500 new savings account customers who had no bank account previously and each micro finance bank branch should sign in 2,500 new savings account customers. Also each DMB bank should have at least 600 new credit customers while the microfinance banks should have 1,000.