CBN Launches New Financial Tool, SabiMoni, to Drive Financial Literacy And Inclusion

CBN Launches New Financial Tool, SabiMoni, to Drive Financial Literacy And Inclusion

  • The Central Bank of Nigeria (CBN) has launched a new financial inclusion platform for Nigerians
  • The bank said the new platform, SabiMoni, is meant to drive financial literacy and inclusion in the country
  • The CBN Governor, Godwin Emefiele, launched the platform and promised to resolve the problem between banks and telcos

Nigeria’s apex bank, the Central Bank of Nigeria (CBN), has launched a new financial platform, SabiMoni, to drive Financial Inclusion and literacy in Nigeria.

The CBN Governor, Godwin Emefiele, said at the platform launch on Monday, May 15, 2023, that the bank was poised to achieve a 95% financial inclusion target in 2024.

CBN, SabiMoni, Emefiele
CBN Governor, Godwin Emefiele Credit: Bloomberg/Contributor
Source: Getty Images

What SabiMoni will do for Nigerians

Emefiele said that SabiMoni would significantly impact the move to include more Nigerians in the financial sector as many take advantage of the platform.

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CBN wades into N120 billion USSD debt dispute between telcos and banks as NCC gives nod to disconnection

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He promised that the apex bank would resolve the problem between the telecommunication companies and commercial banks in Nigeria over N120 billion USSD income.

Vanguard reports that the CBN boss stated that USSDs have been very useful as part of its tool to drive financial inclusion and will not be allowed to be disrupted by sharing formulas between the telcos and the banks.

CBN wades into squabble between banks and telcos reported that The Central Bank of Nigeria has waded into the protracted dispute between telecommunication companies and Nigerian banks over the N120 billion debt the banks owe to telcos.

The telcos say that the banks are indebted to them to N120 billion for service provided through Unstructured Supplementary Service (USSD).

The heated dispute led to the Nigerian Communications Commission (NCC) giving the telecom companies the go-ahead to disconnect the banks.

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CBN gives Access, Zenith, GTB, others 30-day deadline to close, delink bank accounts

Daily Trust reports that the NCC, the CBN, and the Minister of Communications intervened twice in the issue in 2020 and 2022 when the debts were N42 billion and N80 billion. CBN’s Director of Corporate Communications, Isa Abdulmumin, said the apex bank knows the dispute between the two sectors.

He said the CBN is working to resolve the issue between the banks and the telcos.

CBN releases names of 10 digital banks licensed to operate as MFBs, issue POS services reported that Digital banking is gaining roots in Nigeria as operators employ the best technological tools to solve Nigerians' transaction challenges and deploy tech-savvy personnel.

To deepen financial inclusion, the Central Bank of Nigeria has approved licensing digital payment platforms to operate microfinance banking and Point of Sale (PoS) services in Nigeria.

Despite being confined to digital spaces, these platforms are ubiquitous and have recently solved myriads of financial problems for Nigerians.


Pascal Oparada avatar

Pascal Oparada (Business editor) Pascal Oparada is a Mass Communications Graduate from Yaba College of Technology with over 10 years of experience in journalism. He has worked in reputable media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner.

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