In a bid to address poverty and insecurity, the Federal Government of Nigeria has unveiled plans to integrate over 20% of unbanked Nigerians into the formal banking system. This initiative was disclosed by Vice President Kashim Shettima during the commencement of a two-day National Stakeholders’ Workshop on Economic and Financial Inclusion in Abuja.
Currently, it is estimated that more than 20% of Nigerians are excluded from the financial system, posing challenges to economic development and exacerbating security issues. Vice President Shettima emphasized the government’s commitment to reducing this number to a minimum of five percent, thereby expanding access to financial services for a larger segment of the population.
The workshop, attended by various stakeholders including the Central Bank Governor, traditional rulers, private sector players, and experts, aims to devise strategies for integrating the unbanked Nigerian population into the formal financial system. Former Governor of the Central Bank, Sanusi Lamido, highlighted the link between financial exclusion and security challenges, citing the lack of access to efficient payment systems among rural dwellers.
Ahead of the event, Senator Ibrahim Hadejia, the Deputy Chief of Staff to the President, reiterated the government’s focus on economic and financial inclusion as integral components of President Tinubu’s agenda. Hadejia emphasized the importance of providing Nigerians with access to a range of financial services, including transaction accounts, savings, payments, credit, and insurance, to promote economic security and stability.
President Bola Tinubu’s approval of the first phase of the Consumer Credit Scheme (CCS) further underscores the government’s commitment to empowering Nigerians and improving their quality of life. The CCS aims to facilitate crucial purchases such as homes, vehicles, education, and healthcare, enabling individuals to pursue their aspirations and contribute to ongoing economic stability.
As Nigeria strives to achieve greater financial inclusion, initiatives like the CCS and the National Stakeholders’ Workshop on Economic and Financial Inclusion play a vital role in expanding access to financial services and promoting inclusive growth.
REF: channelstv
