Central Bank of Nigeria to reduce percentage of adult Nigerians excluded from financial services


By Ndubuisi Francis | This Day, Nigeria January 12, 2018

The Central Bank of Nigeria (CBN) through its Financial Inclusion State Steering Committee (FISSCO) has said that its target is to reduce the percentage of adult Nigerians excluded from access to financial services from 46.3 per cent in 2010 to 20 per cent in 2020.

The Branch Controller, Elizabeth Agu, who disclosed this on Thursday during her inaugural speech at FISSCO in Abuja, explained that the Nigerian National Financial Inclusion Strategy (NFIS) was launched in 2012, adding that the overall target is to reduce the percentage of adult Nigerians excluded from access to financial services from 46.3 per cent in 2010 to 20 per cent in 2020.

According to her, “The broader aim of the target therefore is that 80 per cent or more of our adult population should have access to and make use of financial services, with at least 70 per cent of that number in the formal sector.

“The cross cutting and diverse nature of the targeted services require collaborative efforts by stakeholders in the financial sector especially at the grassroots. In particular, financial service providers at the state level are pertinent to achieving at least 80 per cent inclusion of adult population by the year 2020.”

She further explained that the target that has been set for the committee in the states were a total new savings customers — deposit money banks (DMBs) 1,500, microfinance banks (MFBs) 2,500, total credit customers deposit money banks 600 and microfinance banks 1,000.

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