CBN assures of 80% financial inclusion by 2020

cbn-q427 August 2014, Abuja – The Central Bank of Nigeria (CBN) has reaffirmed its commitment to meeting the targets of attaining 80 per cent financial inclusion amongs adult Nigerians in the next six years.

Its Deputy Governor in charge of Financial System Stability, Dr Kingsley Moghalu, who spoke in Sokoto, Sokoto State during a sensitisation programme, explained that the objectives of the strategy are aligned to the apex bank’s commitment to the Maya Declaration aimed at reducing the financial inclusion rate in Nigeria from 46.3 per cent in 2010 to 20 per cent in 2020.

This target is contained in the National Financial Inclusion Strategy (FSS) 2020, launched by President Goodluck Jonathan two years ago.

Moghalu, who was represented by Director, Consumer Protection Department, Hajiya Umma Dutse,  said: ”Today, a significant component of economic transactions in Nigeria is not captured in the formal financial system.

“It is in this light that the various intervention measures are put in place by the CBN to facilitate availability and accessibility of financial services in Nigeria.”

The CBN Deputy Governor also stressed the need to engender trust and confidence among Nigerians to make them effectively use the financial services on offer.

He however said  the forum was targeted at increasing awareness and understanding of financial products and services.


– The Nation

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