CBN Targets 95% Inclusion of Nigerians in Banking System by 2024

• The Central Bank of Nigeria says it has achieved 64.1% financial inclusion in Nigeria
• However, the apex bank plans to push the number to go over 95% by next year, 2024
• As part of its efforts, the bank brought all financial services agents together

The Central Bank of Nigeria (CBN) has said 64.1% of the population is already financially included.

According to the bank, it aims to achieve more than 95% inclusion by 2024.

Paul Oluikpe, the CBN assistant director of Financial Development, while speaking at an event in Lagos, claimed that the central bank had divided commercial banks' Know Your Customer services into various tiers.

In earlier news, Legit.ng reported that the CBN explained that the introduction of the e-naira was not to compete with Deposit Money Banks amid reports that Nigerians are shunning the CBN’s digital currency for mobile money.

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How CBN ensures financial stability

According to Oluikpe, the apex bank used campaigns to raise awareness and bring together stakeholders to guarantee financial inclusion.

In addition, he said the bank brought together all parties involved in financial services, including agents, insurance pensions, capital marketers, and even small-scale banks, according to a report by Punch.

He said:

We have a lot to do because we are currently at 64.1 per cent of inclusion, and that is not where we need to be; we need to go beyond that figure to 95 per cent by 2024.

For example, we have crashed the KYC condition, there is tier one, two, three, we have all of these segments to cater to people.

He argued that enhanced financial inclusion was crucial because it eliminates some bureaucracies and bottlenecks associated with obtaining financial products and services by requiring only a minimal amount of identity.

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As a regular, he pointed out that because the CBN is not in charge of the internal workings of banks, there may be delays in how financial service providers sign up customers due to the inner workings of providers.

He added that while each institution was distinct and faced difficulties, the CBN was working to coordinate the sector and drive home to its stakeholders the need for speed.

Tinubu begins CBN, Emefiele probe, appoints Jim Obazee as investigator

In a related report, Legit.ng reported that the investigation of the Central Bank of Nigeria (CBN) under suspended Governor Godwin Emefiele had been launched by President Bola Tinubu.

Jim Obazee, the CEO of the Financial Reporting Council of Nigeria, was named by Tinubu as a special investigator to look into the apex bank and other organisations.

Source: Legit.ng