Intensify financial inclusion drive — Ndukwe charges

• 36 million Adults Currently Excluded

About 36 million adult Nigerians are financially excluded. They lack access to savings, insurance, pensions and access to government transfers.  Chairman of MTN Nigeria, Dr. Earnest Ndukwe, stated this at the lunch of the Y’ello Digital Financial Services Limited, at the weekend in Abuja.

He observed the country’s sustainable development was inextricably linked with its ability to empower people at the bottom of the pyramid, adding that one way to do this is by ensuring that adult Nigerians are financially included to participate fully in the economy, as contributors and beneficiaries.

Ndukwe recalled the Federal Government, through the Central Bank, in 2012, embarked on a mission to accelerate financial inclusion, with the adoption of the National Financial Inclusion Strategy (NFIS), stressing  that Nigeria is at a critical point in its development trajectory and needs everyone on board.He said: ‘’Our financial and ICT industries have transformed significantly, reinventing themselves to continue to serve customers with innovative value…”

With the launch of this Momo Agent network, both worlds come even closer together in a hybrid model designed to expand access to financial services nationwide.” 

The Minister of Communication, Isa Ali Pantami described the financial inclusion drive as a welcome development, as it would have a huge impact in the lives of low cadre people in the society. 

Director of Payment, System Management of CBN, Sam Ojokere  said the apex bank, working with the NCC has put in place a regulatory framework  for the project, adding that NCC would be fully in charge of regulating the telcos, while CBN would be responsible for regulating financial services to check areas of conflict.