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CBN, NCC tinkering new idea to drive financial inclusion

The Governor of Central Bank of Nigeria (CBN) has revealed that plans are nearing finishing touches with the Nigerian Communications Commission (NCC) to allow telecommunications set up a special vehicle unit which he said would ensure that more Nigerians have access to banking services.

The idea is coming on the background of the fact that about 40 percent of Nigerians do not have access to financial services.

Delivering his keynote address in Benin during the bank’s workshop titled, “Promoting Financial Stability and Economic Development” for farmers, artisans, youths, MSMEs, SMEs, students and stakeholders, he said the bank will drive a new partnership with relevant bodies to deepen financial inclusion and help to capture the unbanked Nigerians into the banking net.

Emefiele, represented by the Deputy Director, Banking and Payment System, Sam Okojere, noted that CBN’s target was to reduce non-financial inclusion by 20 percent before year 2020, stressing that the bank will rely on the improvement of telecommunications equipment like mobile phones, transfers and mobile money to reduce the percentage to 20 percent before 2020.

He acknowledged that the banking sector has improved to the extent that one can buy and transfer money with the phone and ATMs can be used to pay for goods.

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