The Central Bank of Nigeria had set a goal to get 80% of Nigerians using banking services by 2020.

The target had been set since 2012, but by June last year, the apex bank admitted that it could not meet that target by 2020.

It has now unveiled a new strategy to see if it can meet that target by 2020.

On Thursday, the CBN unveiled the revised National Financial Inclusion Strategy.

The CBN Deputy Governor on Financial System Stability, Mrs. Aisha Ahmad, made the presentation at the National Financial Literacy Stakeholders’ Conference in Abuja.

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She said that the apex bank had also released new policy frameworks on consumer protection, financial literacy and financial education.

“Adequate consumer protection is critical to sustaining the long-term viability of the financial sector because consumer protection is a necessary precursor to building and maintaining trust in the formal financial sector.

“An essential pillar of any consumer protection regime is consumer education, which is founded on financial literacy.

“The benefits of a financially literate population are immense. Consumers are better equipped to make optimal choices in the use of financial products, pose lower credit and default risk.

“In addition constitute a market for sustainable financial services and promote Financial System Stability by increasing market demand and responsible use of financial services,” she said.

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