The Central Bank of Nigeria (CBN) Governor, Mr. Olayemi Cardoso at the ongoing International Financial Inclusion Conference (IFIC) 2024, reaffirmed the CBN’s commitment to financial inclusion – the bedrock on which “national economic growth and development can be achieved”, and a pathway towards elevating Nigeria into a $1 trillion economy!
Here are some highlights of the Governor’s speech:
Since the launch of the National Financial Inclusion Strategy (NFIS) in 2012, the CBN in collaboration with partner agencies has championed 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 CBN 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.
In line with its efforts to deepen financial inclusion, the CBN recently introduced new minimum capital requirements for banks. This strategic move ensures that banks are well-capitalized, enabling them to take on greater risks, particularly in underserved markets. With stronger capital bases, banks can provide more loans and financial products to MSMEs, rural communities, and other vulnerable segments that have previously struggled to access formal financial services.
By enabling banks to extend more credit to MSMEs, we enhance job creation and productivity. Furthermore, with increased capital, banks can invest in technology and innovation, crucial for driving digital financial services such as mobile money and agent banking.