The Central Bank of Nigeria (CBN) on Tuesday reiterated its commitment to fostering financial inclusion as a key strategy for achieving macroeconomic stability in the country.

CBN governor Olayemi Cardoso spoke at the 2024 International Financial Inclusion Conference in Lagos with the theme, “Inclusive Growth: Harnessing Financial Inclusion for Economic Development”.

Mr Cardoso also said the Access to Finance (A2F) survey report presented by Enhancing Financial Innovation and Access (EFInA) in 2023 revealed that 26 per cent of Nigeria’s adult population remained financially excluded.

He noted that financial inclusion can unlock untapped economic potential, particularly for underserved groups.

“Financial inclusion is critical for poverty reduction, income equality, employment generation, and overall productivity,” Mr Cardoso said.

He acknowledged that one of the biggest challenges in achieving the nation’s financial inclusion vision was integrating more citizens into the formal financial system.

According to him, since the launch of the National Financial Inclusion Strategy (NFIS) in 2012, the apex bank, in collaboration with various agencies, has introduced policies and initiatives to reduce financial exclusion.

“These initiatives have been guided by the vision of ensuring every Nigerian has access to affordable financial services, from basic savings accounts to micro pension and microinsurance offered by other regulated non-bank financial institutions to digital payment platforms.

“The Central Bank of Nigeria is keen on ensuring its financial inclusion policies and initiatives address the peculiar access to finance barriers for underserved populations, particularly women, youth, and MSMEs.

“The importance of this mission cannot be overstated, as I have reiterated that financial inclusion is foundational to Nigeria’s sustainable economic development,” he said.

He added that the regulator, in March, introduced new minimum capital requirements for commercial banks as part of efforts to deepen financial inclusion.

Mr Cardoso explained that the advantages of bank recapitalisation included stronger capital bases to enhance job creation and productivity and more loans to micro, small, and medium enterprises (MSMEs), rural communities, and other vulnerable segments of society.

He also noted that MSMEs account for over 80 per cent of employment in Nigeria but added that many face difficulties accessing the credit needed for expansion.

The CBN governor added that Nigerian women play a critical role in driving inclusive growth but were disproportionately excluded from the formal financial system, hence CBN’s interventions for women and youths.

“With programmes aimed at financial literacy, CBN is also empowering young Nigerians to become financially independent, fostering entrepreneurship, and driving economic growth across the country.

“One of the most transformative tools for financial inclusion has been the adoption of digital payment channels leveraging mobile technology,” he said.

He called for collaborations and partnerships towards building a financial ecosystem that ensures shared prosperity for all Nigerians.

In his opening remarks, Philip Ikeazor, deputy governor, Financial System Stability, CBN, emphasised the apex bank’s commitment to financial inclusion, leveraging digital financial services to reach the unbanked.

Mr Ikeazor said that since the launch of the National Financial Inclusion Strategy in 2012, Nigeria had significantly reduced financial exclusion rates from 46.3 per cent in 2010 to 26 per cent in 2023.

He, however, noted that over 28 million Nigerians remained without access to formal financial products and services, particularly in underserved regions.

Mr Ikeazor called for collaborative efforts to achieve a 95 per cent financial inclusion target set by CBN.

(NAN)