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Cardoso Advocates Special Financial Inclusion Units As Rate Rises To 74%

The Central Bank of Nigeria (CBN) has called for the setting up of special units dedicated to financial inclusion in institutions even as the percentage of Nigerians captured in the financial sector has risen to 74 per cent.

According to the Enhancing Financial Innovation and Access (EFInA) latest Access to Financial Services in Nigeria 2023 Survey (A2F) report for 2023, the inclusion rate in the country had risen to 74 per cent from 64 per cent in 2020 when the last survey was done, due to increasing urbanisation in the country.

Speaking at the launch of the A2F 2023 report in Lagos, the CBN governor, Dr Olayemi Cardoso called on financial inclusion implementation agencies to set up specific functions or units dedicated to financial inclusion in their various organizations.

This, he said, will provide the necessary ownership and commitment required to achieve the goal of ensuring that every Nigerian has access to financial services. Cardoso who was represented by the CBN Director, Other Financial Institutions Supervision Department, Mr. Chibuike Nwagerue, urged stakeholders to activate every lever necessary to deepen financial inclusion and broaden the usage of financial services in Nigeria.

As the country moves closer to its target, Cardoso said, achieving the target of 95 percent financial inclusion, “we must all move from collaboration to concrete commitment. To that effect, I call on all Financial Inclusion implementation agencies.”

He furthered that in addition to already existing strategies, the bank will focus more on the role of formalization to support the conduct and transmission of Monetary Policy. Financial inclusion broadens the reach of monetary policy by increasing the number of individuals and businesses participating in the formal financial system.

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