CBN Moves To Adopt Digital Models To Accelerate 95% Financial Inclusion

The National Financial Inclusion Steering Committee headed by the Central Bank of Nigeria (CBN) is set to adopt innovative digital models to accelerate financial inclusion target of 95 per cent and close the gaps between the banked and the unbanked in the country.

To do this, the apex bank would next week in Abuja on 24th and 25th November in Abuja host Nigeria’s maiden International Financial Inclusion Conference (IFIC’22) themed “Financial Inclusion for all: Scaling Innovative Digital Models”. The conference is the first to be held since the country launched its National Financial Inclusion Strategy (NFIS) in 2012.

The NFIS set the target for financial inclusion in Nigeria at 80.0 per cent by 2020. Since its launch, advancements have been recorded in financial inclusion, resulting in the exclusion rate dropping from 46.3 per cent in 2010 to 35.9 per cent in 2020 (despite significant annual growth in the eligible bankable population per annum) according to the Access to Financial Services Survey conducted by EFINA.

The national target for inclusion has since been revised to 95 per cent by 2024. This progress has been possible due to significant evolution of the Nigerian payments and financial system driven by rapid technological innovation, emergence of a vibrant digital economy and the proactive regulatory policies of the CBN and other policymakers.

The ever-increasing diversity of participants, products and services deployed within the financial ecosystem presents unique opportunities to fast-track the expansion of financial inclusion to a greater number of Nigerians, closing the inclusion gaps in selected segments such as the youth, rural dwellers and women.

Speaking about IFIC’22, chair of the National Financial Inclusion Steering Committee and governor of the Central Bank of Nigeria (CBN), Godwin Emefiele said, “We are excited to host the maiden International Financial Inclusion Conference in

Nigeria. The conference presents a unique opportunity to showcase our financial inclusion journey, particularly the innovative use cases that continue to emerge within the dynamic payments and financial system in the country.

“These will be important as we work to ensure 95 per cent of Nigerians are financially included by 2024. The conference also creates a platform to spotlight other country experiences, the role of policy innovation, digital technology and out- of-the-box approaches in tackling exclusion in underserved segments, and the strategic importance of public-private partnerships to promote digital financial services and economic sustainability.”