Stakeholders to launch policy documents on financial inclusion

, Magazine

The Central Bank of Nigeria head office in Abuja.

THE National financial inclusion stakeholders, including the Central Bank of Nigeria (CBN), will launch key policy documents aimed at facilitating the attainment of the financial inclusion target of 80 per cent by 2020.

The CBN disclosed that Policy documents to be unveiled at the conference are the Revised National Financial Inclusion Strategy (NFIS 2.0), the Financial Literacy Framework, the Consumer Protection Framework and the Consumer Education framework, which are expected to attract over 400 delegates. The apex bank also noted that the conference aims to ensure that new comers into the financial inclusion bracket are adequately protected and educated in line with the provisions of the policy documents; to update participants on the growing sophistication of the financial market, the competitive environment in which financial services providers operate, and the benefit and value of providing access to financial services among others, while hoping to enhance consumer confidence and trust in the financial services to facilitate progress towards achieving 80 percent financial inclusion target by 2020. According to CBN, “Latest figures released by Enhancing Financial Innovation and Access (EFInA) indicate that 36.6 million Nigerian adults, representing about 36.8 percent of the Nigerian adult population, do not have access to formal financial Services”. It stated: “To achieve its financial inclusion target, Nigeria, through the National Financial Inclusion stakeholders, seeks to cut the exclusion rate down to 20 percent by the year 2020, hence various public and private organizations under the auspices of National Financial inclusion stakeholders have been working assiduously since the launch of the first National Financial Inclusion Strategy in 2012 to achieve the objective of 80 percent inclusion by 2020”.