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The Central Bank of Nigeria (CBN) has reinforced its commitment to advancing financial inclusion as a foundation for economic growth, unveiling the We-Fi Code, WFI Dashboard, and a strategic Roadmap for Financial Deepening Providers (FDPs) at the ongoing International Financial Inclusion Conference (IFIC) 2024. These initiatives aim to accelerate Nigeria’s journey towards becoming a $1 trillion economy by broadening access to financial services across all demographics.
CBN Governor Olayemi Cardoso highlighted the bank’s mission to ensure every Nigerian, regardless of their geographic location or economic status, can access affordable financial services. He emphasized that financial inclusion remains a central focus for sustainable national development.
Since launching the National Financial Inclusion Strategy (NFIS) in 2012, the CBN has led initiatives in partnership with other agencies to address financial exclusion through a spectrum of services—ranging from basic savings accounts to micro-pension, micro-insurance, and digital payment platforms.
To advance these efforts, the CBN has introduced revised minimum capital requirements for banks, a strategic move designed to strengthen the banking sector’s ability to serve underserved markets. With enhanced capital bases, banks are better equipped to offer loans and financial products to MSMEs, rural communities, and other segments that have traditionally lacked access to formal financial services.
By enabling greater credit access for MSMEs, the CBN is actively fostering job creation and productivity. Additionally, the strengthened capital base encourages investment in technology and innovation, supporting the expansion of digital financial services, such as mobile money and agent banking, to reach Nigeria’s unbanked and underbanked populations.
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