By 
The Central Bank of Nigeria (CBN) has announced that it has achieved a financial inclusion rate of 64.1 per cent and is targeting 95 per cent inclusion by 2024.
Speaking at an event in Lagos, Paul Oluikpe, the Assistant Director of Financial Development at the CBN, highlighted the efforts made to enhance financial inclusion. He mentioned that the CBN has streamlined the Know Your Customer (KYC) service offered by commercial banks into different tiers, simplifying the process for customers.
However, Oluikpe emphasized that there is still more work to be done to achieve the target of 95 per cent financial inclusion. To address this, the CBN has created different tiers within the KYC system, some of which require minimal identity verification to reduce bottlenecks and bureaucracies in accessing financial products and services.
Oluikpe acknowledged that each financial institution is unique and faces its own challenges. The CBN’s role is to coordinate the industry and encourage stakeholders to expedite their processes to improve accessibility.
To promote financial inclusion, the CBN has initiated awareness campaigns and brought together various stakeholders in the financial services sector, including insurance, pensions, capital markets, and microfinance banks. Additionally, financial literacy programs are conducted to empower people with the knowledge and skills to use digital financial services effectively.
The CBN has recently unveiled its new financial inclusion strategy 3.0 and conducted a review to identify gaps in the implementation of previous strategies, ensuring continuous improvement to achieve the ambitious goal of 95 per cent financial inclusion by 2024.
Comments