Lagos — The Nigeria Deposit Insurance Corporation, NDIC, has urged banks and other financial sector stakeholders to make concerted efforts toward addressing challenges hindering financial inclusion in the country.
Making the call at a workshop for business editors and finance correspondents in Yola, Adamawa State, Dr Sunday Oluyemi, the Director of Communication and Public Affairs Department of NDIC, said that addressing the challenges would help the country to achieve its vision 2020 target of reducing financial exclusion level to 20 per cent.
Oluyemi, who noted that financial literacy was key to achieving financial inclusion, stated that the achievement of financial inclusion would help in reducing poverty, broaden wealth creation and social equality in the country.
He said: “In achieving the 2020 target, it requires the concerted efforts of stakeholders, especially banks to tackle the challenges of financial inclusion as we navigate toward the ideals of vision 2020.
“Enhanced financial literacy is key to financial inclusion. There is no way you can talk about financial inclusion without financial literacy. “If people are not literate enough to take informed decisions, you cannot be talking of financial inclusion.
“When you have 80 per cent of the people included in the system, making informed decisions with respect to financial system and patronising the system, the system will be better”.
Oluyemi appealed to the media to assist in financial information dissemination to the public to close the gap of adult financial exclusion in the country.
The News Agency of Nigeria reports that financial inclusion is where individuals and businesses have access to useful and affordable financial products as well as services.
Financial inclusion helps people to meet their needs through products and services that are delivered in a responsible and sustainable way. Financial inclusion is defined as the availability and equality of opportunities to access financial services.