Nigeria: CBN and Bill & Melinda Gates Foundation Forge Collaboration for Financial Inclusion

The Central Bank of Nigeria (CBN) and the Bill & Melinda Gates Foundation (BMGF) have finalized plans for a collaborative effort to enhance financial inclusion in Nigeria, according to a statement from the CBN.

The apex bank revealed that strategic discussions were recently held between the two organizations to explore avenues for deepening collaboration on financial inclusion in the country.

During the discussions, Mr. Folashodun Shonubi, the Acting Governor of the CBN, reaffirmed the bank’s commitment to partnering with the BMGF and other development partners to seek innovative solutions that drive access to finance. While acknowledging the progress made in various aspects of financial inclusion, Shonubi emphasized that challenges still persist in achieving the desired level of financial inclusion in Nigeria.

In light of this, he called for increased collaboration between the CBN and the BMGF. The CBN highlighted that the BMGF has been actively supporting financial inclusion in Nigeria since 2012, serving as a strategic partner to the central bank in fostering innovation to reach underserved segments of the population with financial products and services.

The partnership has resulted in significant initiatives such as the Nigeria Financial Services Maps, which acts as a gateway for geospatial mapping of access points, and the development of the National Financial Inclusion Strategy in 2012, with subsequent revisions in 2018. Additionally, the collaboration has facilitated research on financial exclusion, scoping of digital financial services in Nigeria, and various other activities that accelerate access to financial services.

Mr. Bill Gates, co-chair of the Bill & Melinda Gates Foundation, highlighted the foundation’s continued engagement in Nigeria, focusing on areas such as health, agriculture, and financial services. Gates expressed satisfaction that their support has catalyzed developmental actions in Nigeria. However, he acknowledged the existence of challenges and gaps, expressing optimism that Nigeria would experience improved outcomes given the new economic and monetary policies in place.

The collaboration between the CBN and the Bill & Melinda Gates Foundation underscores their shared commitment to advancing financial inclusion in Nigeria. By leveraging their respective expertise and resources, they aim to address the remaining barriers to financial access and drive inclusive economic growth in the country.