Monday, October 22, 2018 07.31AM / NESG
In July this year, the Central Bank of Nigeria (CBN) reported that Nigeria was not on track to meet the 2020 targets set out in the National Financial Inclusion Strategy (NFIS) of 2012.
The impediments to achieving this target have been ascribed to economic constraints, insecurity issues in the northern part of Nigeria, obsolete strategies, among others. Initially, the NFIS defined 15 targets for channels and products as well as 22 key performance indicators (KPIs) related to these targets, but Nigeria still lags across all these measures.
The National Financial Inclusion Strategy (NFIS) Redraft identified 5 crucial priorities to increasing financial inclusion in the country, with emphasis on creating a conducive environment for the expansion of DFS, enabling the rapid growth of agent networks with nationwide reach, reducing KYC hurdles to opening and operating a bank account, creating an environment conducive to serve the most excluded and driving adoption of cashless payment channels, particularly in government-to-person and person-to-government payments.
The apex bank said in the refreshed NFIS, priorities have been defined based on a new approach that is deliberately more ‘future-proof’ in its focus on first principles, instead of specific approaches that have the potential to become obsolete.
This Refresh and Halt in the 80% financial inclusion goal has stakeholders concerned about the way forward. Financial Inclusion is a national priority, but Nigeria seems to be lagging. Where are we now? Where do we go from here?
Business Day the leading media house on financial inclusion coverage supported by the Bill and Melinda Gates Foundation is co-hosting this Breakfast Meeting with the NESG to discuss the best way to move the needle on financial inclusion in Nigeria along with stakeholders from the Central Bank of Nigeria, Efina, Nigeria Inter-Bank Settlement System PLC, etc.
The discussion will revolve around the current state of financial inclusion in Nigeria to seek answers to the following questions:
The Session will also review efforts of the Central Bank of Nigeria over the past year in achieving an inclusion target of 80% by 2020.
Most countries that have succeeded in boosting financial inclusion have done so leveraging digital financial services and the panel will proffer solutions to unlocking the constraints in Nigeria.
Time: 7:30am – 9:00am
Venue: Lagos Room
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