Nigeria’s Fails To Meet Target To Get More People Banked
There is a current plan across the world to make everyone have a bank account and get access to financial services.
It is called the financial inclusion strategy and Nigeria isn’t left out.
In fact, the CBN had set 2020 as target to get between 70 to 80% of Nigeria’s adult population banked.
But the apex bank has now realized it is not on track to meeting that target.
In a new report, the CBN said financial inclusion in the country is now below the 2012 level as it fell to 58.4% in 2016.
According to CBN, financial inclusion rose from 53.7% in 2010 to 60.3% in 2012 and 60.5% in 2014.
“Overall, Nigeria has failed to meet its financial inclusion targets due to a variety of factors; a step-change in the pace of progress is needed to close the sizeable gap between the current status and the targets,” it said.
The apex bank noted that in 2010, Nigeria made a commitment to reduce the adult financial exclusion rate in the country from 46.3% to 20% 2020, and the National Financial Inclusion Strategy was inaugurated on October 23, 2012 in order to attain the target.
The Director, Development Finance Department, CBN, Dr Mudashiru Olaitan, in a circular dated July 6, 2018, said, “while some notable milestones have been achieved, overall financial exclusion rate stands at 41.6% based on the biennial Access to Financial Services in Nigeria Survey.”
He said the CBN had been working with various stakeholders to review the strategy to evaluate progress, identify gaps and develop a refreshed strategy document that would serve as a road map for implementation till 2020.