In an effort to ensure financial stability in Nigeria, the Central Bank of Nigeria (CBN) has adopted some programs that will help in achieving this goal.
Nigeria, for a very long time, has been plagued with financial instability, so much so, that stability in the financial sector looks like a mirage.
An official of the CBN, the Assistant Director of Financial Development, Paul Oluikpe, spoke at an event in Lagos.
He shed more light on what the CBN was doing to achieve financial stability in Nigeria.
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He said the central bank has divided commercial banks’ Know Your Customer services into various tiers.
According to Oluikpe, the apex bank has been creating awareness through campaigns used and bringing together stakeholders to guarantee for such a purpose.
In addition, he said the bank brought together all parties involved in financial services, including agents, insurance pensions, capital marketers, and even small-scale bank.
CBN Targets 95% Financial Inclusion
“We have a lot to do because we are currently at 64.1% of inclusion, and that is not where we need to be. We need to go beyond that figure to 95% by 2024.
“For example, we have crashed the KYC condition, there is tier one, two, three, we have all of these segments to cater to people.
He argued that enhanced financial inclusion was crucial because it would eliminate some bureaucracies and bottlenecks associated with obtaining financial products and services by requiring only a minimal amount of identity.
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As a regular, he pointed out that because the CBN was not in charge of the internal workings of banks, there may be delays in how financial service providers sign up customers due to the inner workings of providers.
He added that while each institution was distinct and faced difficulties, the CBN was working to coordinate the sector and drive home to its stakeholders the need for speed.
While the CBN is putting these strategies in place, one thing that will help drive the economy is who President Bola Tinubu will put in place as minister to man each sector.
to see what his list of minster is like, kindly watch this video.
