CBN launches three initiatives to boost financial inclusion for women, youth, and displaced persons, strengthening Nigeria’s economy.
[dropcap]T[/dropcap]he Central Bank of Nigeria (CBN) has launched three new initiatives aimed at accelerating financial inclusion and fostering economic empowerment, focusing on women, youth, and displaced persons.
The initiatives were announced at the International Financial Inclusion Conference (IFIC) held in Lagos under the theme, “Inclusive Growth: Harnessing Inclusion for Economic Development.”
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The CBN’s efforts are expected to close critical gaps in financial access, particularly for underserved groups such as small and medium enterprises (SMEs) and the forcibly displaced.
The IFIC, Nigeria’s premier financial inclusion event, brings together financial services providers, government agencies, regulatory bodies, and other stakeholders to discuss challenges and propose solutions for building a more inclusive financial system.
The initiatives introduced at this year’s conference include:
1. The Women Financial Inclusion Dashboard – This tool enables policymakers to pinpoint gender gaps in financial services, allowing for targeted solutions.
2. The Women Entrepreneurs Finance Code – A platform to revolutionise financing options for women-owned MSMEs in Nigeria and beyond.
3. The Roadmap for the Financial Inclusion of Forcibly Displaced Persons (FDPs)– This plan unites financial institutions, regulatory agencies, and NGOs to address financial barriers faced by FDPs and promote their economic independence.
Olayemi Cardoso, Governor of the Central Bank of Nigeria, highlighted the importance of these new initiatives in strengthening the Nigerian economy.
He noted, “Introducing new capital requirements for banks operating in Nigeria will enhance financial inclusion by ensuring banks are well-capitalised, enabling them to serve more vulnerable groups.”
Cardoso emphasised that a stronger capital base allows banks to offer more financial products to MSMEs, rural communities, and other underserved sectors.
He added that these measures would also spur job creation and productivity, supporting Nigeria’s economic growth goals.
Dr Ndiame Diop, World Bank Country Director for Nigeria, pointed to the World Bank’s collaboration with CBN to support financial inclusion by improving payment systems, microfinance regulation, and consumer protection.
Diop noted that 40% of failed transactions in 2023 went unresolved, stressing the need for more reliable payment systems to support the financial sector’s expansion and ensure full participation from all citizens.
He applauded the launch of the Women Entrepreneurs Finance Code, describing it as a vital tool in narrowing the financial inclusion gender gap.
Representing the Lagos State Government, Deputy Governor Obafemi Hamzat highlighted President Bola Tinubu’s $1 trillion economy goal, linking financial inclusion to national economic growth.
Hamzat underlined that financial inclusion requires a robust economic base, as well as technology integrated with cultural sensitivity to create meaningful participation.
The CBN’s Deputy Governor for Financial System Stability, Philip Ikeazor, closed the event with a call for collaborative efforts to achieve 95% financial inclusion in Nigeria.
He reiterated the CBN’s commitment to driving initiatives that ensure no Nigerian is excluded from economic opportunities.
The CBN’s ongoing financial inclusion strategy aligns with the upward trend in Nigeria’s financial inclusion rate, which increased from 68% in 2020 to 74% in 2023, according to data from Enhancing Financial Innovation and Access (EFInA).
This positive trajectory underscores the potential for these new initiatives to help bridge remaining gaps, fostering an inclusive economy that benefits all Nigerians.
