Emefiele Optimistic CBN Will Attain 85% Financial Inclusion Target

The Governor, Central Bank of Nigeria (CBN), Godwin Emefiele, has expressed optimism that the Bank will achieve the 85% financial inclusion rate target in Nigeria, within a very short period from its current rate of slightly below 70%.

Emefiele disclosed this in Abuja while playing host to a delegation of Executive Directors from the Bank of Uganda, who were on an experience sharing tour of the CBN’s Central Bank Digital Currency (CBDC) project yesterday.

He noted that the CBN was committed to accelerating the rate at which those who were financially excluded could come into the formal banking sector.

He expressed satisfaction that the country’s Central Bank Digital Currency, the eNaira, had recorded some level of success judging by the rate of integration and security features, adding that the CBDC will enhance the relationship between mobile banking and e-business and speed up the rate of financial inclusion.

The CBN Governor also noted that the interest the novel eNaira was attracting from other countries and multinational bodies such as the International Monetary Fund (IMF) and the World Bank, underscored the level and quality of work the CBN had put into the project.

Although he noted that Nigeria, being the first country in Africa to launch its CBDC, was a case study to other climes, he said the country was treading cautiously to ensure it sustains the successes recorded thus far.

He therefore charged the Executive Directors (Deputy Governors equivalent) of the Bank of Uganda to strive to strengthen their country’s payment system, noting that a strong payment system remained the bedrock for the successful take-off of a Central Bank Digital Currency (CBDC).