Cbn unveils new policy on financial inclusion strategy

Here's a summary of the Central Bank of Nigeria's (CBN) new policy on financial inclusion strategy:

Title: "Financial Inclusion Strategy 2020-2024: A Roadmap for Financial Inclusion in Nigeria"

Objective: To increase financial inclusion in Nigeria by 20% by 2024, with a focus on increasing access to financial services for the underserved and unbanked population.

Key Features:

  1. Digital Financial Services: The CBN will promote the adoption of digital financial services, such as mobile money, agent banking, and online banking, to increase access to financial services.
  2. Agent Banking: The CBN will establish a network of agent banking outlets across the country to provide financial services to rural and underserved areas.
  3. Microfinance: The CBN will promote microfinance institutions to provide financial services to small-scale entrepreneurs and low-income households.
  4. Financial Literacy: The CBN will launch a financial literacy program to educate the public on the importance of financial inclusion and how to use financial services effectively.
  5. Collaboration with Stakeholders: The CBN will collaborate with other government agencies, financial institutions, and private sector organizations to promote financial inclusion.
  6. Regulatory Framework: The CBN will establish a regulatory framework to ensure the safety and soundness of financial institutions and protect consumers.
  7. Inclusive Payment Systems: The CBN will promote the adoption of inclusive payment systems, such as mobile payment systems, to increase access to financial services.

Target Groups:

  1. Rural Communities: The CBN will focus on increasing financial inclusion in rural communities, where access to financial services is limited.
  2. Low-Income Households: The CBN will target low-income households, who are often excluded from the formal financial system.
  3. Small-Scale Entrepreneurs: The CBN will promote financial inclusion among small-scale entrepreneurs, who are critical to economic growth and development.

Implementation Plan:

  1. Year 1 (2020): Establish a regulatory framework, launch financial literacy program, and promote digital financial services.
  2. Year 2 (2021): Establish agent banking network, promote microfinance institutions, and launch inclusive payment systems.
  3. Year 3 (2022): Expand financial inclusion to rural communities, low-income households, and small-scale entrepreneurs.
  4. Year 4 (2023): Monitor progress, identify challenges, and address them.
  5. Year 5 (2024): Evaluate the success of the financial inclusion strategy and plan for future initiatives.

Conclusion: The CBN's new policy on financial inclusion strategy aims to increase financial inclusion in Nigeria by 20% by 2024. The strategy focuses on promoting digital financial services, agent banking, microfinance, financial literacy, and collaboration with stakeholders. The CBN will target rural communities, low-income households, and small-scale entrepreneurs to increase access to financial services.