It is believed that about 64% of people living in Nigeria have access to formal financial services.
Now, the Central Bank of Nigeria (CBN) is planning to increase this percentage by 31%.
The CBN says it plans to increase access to formal financial services to 95%.
The Governor of the CBN, Dr. Olayemi Cardoso, made this known, on Tuesday in Abuja.
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Cardoso noted that the country was going through economic challenges occasioned by a number of macroeconomic issues.
He added that these could be linked to some of the lingering impacts of the COVID-19 pandemic and the ongoing Russia-Ukraine war.
He gave this insight at the Apex bank’s 59th anniversary which coincided with a book launch.
Cardoso believed that the book would eloquently capture the evolutionary journey in the history of the CBN.
Positive Change Over The Years
According to him, there have been remarkable landmark developments — especially from the use of cowries to manillas and to the more contemporary and modern era of cashless options.
Cardoso highlighted the journey of the CBN, with regards to the transformation of the Nigerian payment system in the last few decades.
Also, Cardoso noted that the transformation had been deepened by the implementation of the cashless policy.
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Furthermore, he said: “One of our strategic priorities in this effort is to foster financial inclusion and I’m very sure you will also relate to the progress we have made based on the current numbers.
“We have financial inclusion in the neighborhood of about 64%.
“Over 64% of Nigerians have access to formal financial services.
“Our vision is to push the boundaries and we are well on course in achieving that objective.”
“CBN would continue to collaborate with several stakeholders, to properly address the challenges currently facing us”.
