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Saturday, February 16, 2013

Four barriers to financial inclusion - How to overcome them according to CBN Governor

Long distance access points, Cumbersome eligibility requirements, Low financial literacy, and High costs of financial services - these are the four barriers for financial inclusion according to Sanusi Lamido Sanusi, Governor of Central Bank of Nigeira.

These are also the same four barriers that propelled the need for implementation of National Financial Inclusion Strategy 2020. For those interested to learn more about NFIS 2020, click here: National Financial Inclusion Strategy 2020.

As of 2013, Nigeria is at the cross-roads where 46.3 percent of population comprising of about 64.8 million Nigerians are excluded from financial and banking sector in the country. This is the segment of people without an access to formal financial services.

With almost half of Nigerians still lacking financial access, it is difficult to dream of a nation that is financially inclusive by the year 2020. The NFIS 2020 is a bold move by CBN where the financial inclusion is aimed at 80% by the year 2020. Do you think it is achievable? We have an online poll running on this issue and we would like you to participate here: Reducing financial exclusion rate to 20% by 2020. Is it achievable?

Speaking at the flag-off implementation of NFIS 2020 in Maidugiri - capital of Borno State, Governor Sanusi Lamido Sanusi explained that the four barriers can be overcome if NFIS 2020 is successfully implemented. Sanusi said, "the key initiatives in the Strategy include a tiered approach to KYC agent banking, a cash-less policy, a financial literary framework, consumer protection, and the implementation of credit enhancement schemes and programmes."

He also added that Micro finance banks will be one of the important stakeholders that need to commit themselves for full implementation of the strategy.

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6 comments: on "Four barriers to financial inclusion - How to overcome them according to CBN Governor"

conclusion essay said...

financial integration is very important for Nigeria. They become much more independent and begin to grow the economy

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Orewon said...

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