The Central Bank of Nigeria moves to boost financial inclusion

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National Financial inclusion stakeholders in Nigeria, led by the Central Bank of Nigeria (CBN) will gather for the launch of key policy documents aimed at facilitating the attainment of the financial inclusion target of 80 percent by 2020. The event will take place in Abuja.

The Revised National Financial Inclusion Strategy (NFIS 2.0); the Financial Literacy Framework; the Consumer Protection Framework and the Consumer Education framework, are the policy documents to be unveiled at the conference expected to attract over 400 delegates.

According to the CBN, the aim of the conference is to ensure that new comers into the financial inclusion bracket are adequately protected and educated in line with the provisions of the policy documents.

The other objectives of the two-day conference will be to to update participants on the growing sophistication of the financial market, the competitive environment in which financial services providers operate, and the benefit and value of providing access to financial services among others.

The CBN and other stakeholders will seek to obtain customer feedback on how best to implement the financial inclusion policies. The central bank hopes to enhance consumer confidence and trust in the financial services to facilitate progress towards achieving 80 percent financial inclusion target by 2020.

Latest figures released by Enhancing Financial Innovation and Access (EFInA) indicate that 36.6 million Nigerian adults, representing about 36.8 percent of the Nigerian adult population, do not have access to formal financial Services.

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