The Central Bank of Nigeria (CBN) has emphasised its commitment to financial inclusion for the greater benefit of the economy.
CBN is the Custodian and Project Manager of the National Financial Inclusion Strategy which was launched in 2012 after a report by Strategy Consultants, Roland Berger which noted that Nigeria lagged behind some of its peers in Africa in financial inclusion.
In the report, Roland Berger noted that 36 percent of an adult population of 85 million were served by financial services compared with 68 percent in South Africa and 41 percent in Kenya.
But going forward, statistics showed that in 2020, 67 percent of Nigerians became financially included and it 2023 it increased to 74 percent with 24 percent being financially excluded.
Financial inclusion is a masses- oriented and a mainstream topic which commands international attention and concern. It is a crucial aspect of economic development which aims. to stimulate growth, reduce poverty and improve overall well-being of citizens.
Financial inclusion is about bringing more people into the financial system and delivery of a broad range of formal financial services at affordable costs to sections of disadvantaged and low income segments of society.
