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Tuesday, June 13, 2017

Good One! CBN, Firm Collaborate To Drive Financial Inclusion

The second edition of a retail banking workshop organized by Ciuci Consulting will explore strategic tools employed to drive financial inclusion.

According to a statement by the consulting firm, the workshop, themed, ‘Catalysing SME funding and retail lending to Nigeria’s economic development’, is in line with the CBN’s policies and processes designed to enhance financial inclusion.

The programme is scheduled to hold in Lagos on Thursday.

The Enhancing Financial Innovation and Access’ Access to Financial Services in Nigeria 2016 survey put Nigeria’s banked population at 38.3 per cent of adults while 41.6 per cent were financially excluded.

EFiNA’s ‘The Landscape of Financial Inclusion and Microfinance in Nigeria’ 2015 survey report identified five major barriers to financial inclusion.

These were low income, low physical access to rural areas, lack of trust and clear understanding of financial institutions and products, and affordability and eligibility.

Since 2005, the Federal Government and the regulatory authorities have promoted policies intended to grow financial inclusion in the Nigerian financial services sector.

The CBN has been supporting products that are specifically targeted at the low income and financially excluded, using the Financial System Strategy 2020 frameworks and policies.

These include non-interest banking framework, e-banking products, electronic payment system and cashless policy.

The Head, Financial Inclusion, CBN, Temitope Akin-Fadeyi, is expected to highlight the status of financial inclusion and credit enhancement programmes for retail banks in the industry

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