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.

But there are known obstacles to financial inclusion in Nigeria including poor literacy rate, poverty, poor infrastructure etc. But primarily poverty.

According to Nigeria’s apex bank, the Central Bank of Nigeria, CBN; more threats are emerging to keep Nigerian villagers away from banking halls.

These include: cyber insecurity, low level of information and communications technology usage; privacy protection issues; unsanctioned use of customer data; and social apathy towards the use of e-payment platforms.

“It is important to note that the above challenges, among a few others, have resulted in the country being 40% away from the National Financial Inclusion Strategy of achieving at least 80% of financial inclusion by the year 2020,” the Director, Banking and Payment Systems Department, CBN, ‘Dipo Fatokun, said at a forum organised for finance correspondents in Lagos on Saturday.

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Fatokun, in his presentation said part of measures to address the challenges, especially around cyber security and electronic payments, is the issuance of the regulatory framework for Unstructured Supplementary Service Data in April 2018.

According to him, this framework is to help protect consumers while noting that all commercial banks are to resolve disputes arising from the use of USSD channels within three days.

He said such resolution would help build more confidence in the payment system and bring more people into the financial services net.

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