CBN, others to develop roadmap for 80% financial inclusion

 

The Central Bank of Nigeria (CBN) and other participating agencies in the Financial System Strategy 2020 (FSS-20) are set to develop a roadmap for 80 percent of Nigerians to have access to financial services by year 2020.

CBN Governor, Mr. Godwin Emefiele, disclosed this last Thursday in Lagos while addressing journalists on the sidelines of the 10th anniversary strategic review meeting of the FSS 2020.

He also hinted that the CBN will resubmit to the National Assembly the Bill for the establishment of the financial consumer ombudsman, to strengthen consumer protection in the financial system.

He said: “It is going to be a daunting responsibility to be able to move from where we are right now, which is about 50 percent level of financial inclusion to 80 percent in the next three years.    The fact that we are having a session like this to review our achievement in the last ten years under the auspices of FSS 2020 affords us an opportunity, having carried out a review of what we have achieved, to be able to say we need to really work hard the next three years to see to it that we achieve it.

“But am happy to see we have an array of various government agencies in the regulatory and in the executive arm of government coming together to see that we increase the level of financial inclusion.

Earlier in his opening address at the retreat, Emefiele said: “The strategic vision of FSS2020 is to be the safest and most diversified financial system among emerging markets supporting the real economy by the year 2020”.