To keep up with best practices around the world, Nigerian banks have been asked to improve their services
Also, the banks were admonished to set up financial inclusion implementation agencies by Dr Olayemi Cardoso
The Central Bank of Nigeria (CBN) has advised banks to improve the quality of their products and services to attract more people into the financial system.
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CBN Governor, Olayemi Cardoso, disclosed this at the release of the 2023 EFInA Access to Finance (A2F) Survey results in Lagos.
Banks Must Develop Solutions To Financial Inclusion Challenges
He said: “As an ecosystem, we must be intentional about how we do it. while redoubling our efforts to develop innovative solutions to enable inclusion.
For instance, Cardoso said the access points effective for included populations might not be suitable for those currently excluded.
We need to refine our products and services to make sure that they are fit for the next phase of this journey.”
The CBN boss noted that the Nigerian financial system has evolved with significant improvements in size and depth.
He listed the areas of growth to include market development, products, instruments, and payment infrastructure, among other things.
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Therefore there is a need for us as regulators and stakeholders to constantly keep pace with these emerging developments in a sustainable manner.
At the event Cardoso was represented by, the CBN Director of Other Financial Institutions Supervision Department, Chibuike Nwagerue.
Cardoso Called For Collaboration Among Banks And Stakeholders
He lauded all financial inclusion stakeholders for the efforts made and the progress achieved.
“However, to achieve the target of 95% financial inclusion, we must all move from collaboration to concrete commitment.
I call on all Financial Inclusion implementation agencies to set up specific units dedicated to financial inclusion in their organizations.
This we believe, will provide the necessary ownership and commitment required to achieve our collective goal,” he said.
