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CIBN president seeks more awareness on financial inclusion


The President/Chairman of Council, Chartered Institute of Bankers of Nigeria (CIBN), Prof. Segun Ajibola has called on all stakeholders in the financial services industry to take steps that would promote financial inclusion in the economy.
He said bringing more people into the financial services industry is not only good for the people, but helps in wealth creation and boost micro economic variables.
Ajibola, who spoke at the Body of bank CEOs meeting held at the Bankers’ House recently, said that Financial Inclusion is a key aspect of the economy and failing in microeconomic variables would be devastating to the economy.

He stated that it remains a major issue to be addressed nationwide, while there is need for new initiatives to promote the awareness and charged all stakeholders to support the body of bank CEOs to achieve with the responsibility of creating and promoting the idea to all concerned.
Chairman of the Body of Bank CEOs and Managing Director, Access Bank Plc, Herbert Wigwe, said all the industry operators have set a 60 million three-year new customer target for all the lenders.
The target, he said, is in line with the financial inclusion strategy of the Central Bank of Nigeria (CBN), to achieve 80 per cent inclusion level by 2020, and take financial services closer to the people.
By the new plan, CBN and banks will over the next few months, roll out new initiatives, products and services to accelerate and deepen financial inclusion in Nigeria.
The chief executive officers said that access to a bank account is a first step toward broader financial inclusion since it allows people to store money, send money and receive payments.
“Over the next three years, banks aim to on-board and formally bank 60 million additional Nigerians, an average of 20 million yearly as well as enroll 40 million Nigerians on Bank Verification Number (BVN).

“Hence, the new target will be on driving low cost digital access, broadening financial literacy campaigns, and creating micro loans, micro insurance, and micro investment products for the benefit of excluded, underserved and low income Nigerians,” Wigwe said.
The CBN, banks, Licenced Mobile Money Operators, and Super Agents also agreed to roll out a 500,000 shared agent network to accelerate financial inclusion in Nigeria.
They also announced that they have reached an agreement to fund the expansion of a shared agent network to deepen financial inclusion in Nigeria.
The agreement entails an aggressive rollout of a 500,000 agent network to offer basic financial services, such as cash-out, funds transfer, bill payments, airtime purchase, government disbursements as well as remote enrollment on BMS Infrastructure to an estimated 50 million Nigerians that are currently under-banked or unbanked.

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