CBN to share status of Financial Inclusion initiatives at retail banking workshop

The Central Bank of Nigeria (CBN) is currently implementing various policies and processes designed to enhance financial inclusion. The second edition of Ciuci Consulting’s Retail Banking Workshop themed, ‘Catalyzing SME Funding and Retail Lending to Nigeria’s Economic Development,’ will explore the strategic tools employed to drive Financial Inclusion. This edition will hold at Radisson Blue, Victoria Island on Thursday, June 15, 2017.

The Enhancing Financial Innovation and Access (EFInA) ‘Access to Financial Services in Nigeria’ 2016 survey report puts Nigeria’s banked population at 38.3 per cent of adults while 41.6 per cent are financially excluded. Its ‘The Landscape of Financial Inclusion and Microfinance in Nigeria’ 2015 survey report identifies five major barriers to financial inclusion, which are low income; low physical access to rural areas lack of trust and clear understanding of financial institutions and products; affordability; and eligibility.

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

The CBN has been at the forefront of supporting these products that are specifically targeted at the low income and financially excluded, using the Financial System Strategy 2020 (FSS2020Other frameworks and policies include: Non-interest Banking framework (NIFIs), E-banking Products, Electronic Payment System, and Cashless Policy.

With this, financial institutions in Nigeria have responded well to CBN’s call for increased financial inclusion. CBN, to be represented by the Head of Financial Inclusion, Temitope Akin-Fadeyi, will be speaking to the industry at this workshop, highlighting the status of financial inclusion and credit enhancement programmes with for retail banks in the industry.