The Federal Government of Nigeria says it plans to integrate over 20 per cent of unbanked Nigerians into the banking system.
Vice President Kashim Shettima disclosed this in Abuja on Thursday at the beginning of a two-day National Stakeholders’ Workshop on Economic and Financial Inclusion, noting that “at least, over 20 percent of Nigerians are currently excluded financially”.
Vice President Shettima said the government was targeting to reduce that number to a minimum of 5 per cent, at an event former Emir of Kano and former CBN governor, Sanusi Lamido Sanusi, said banditry and other security challenges in Nigeria can be attributed largely to financial exclusion, as many rural dwellers have no access to efficient payment systems.
The workshop, which focuses on how to integrate the unbanked Nigerian population into the formal financial system, brings together experts including the Central Bank of Nigeria governor, Olayemi Cardoso, traditional rulers, and private sector players.
Ahead of the event, the Deputy Chief of Staff to the President, Senator Ibrahim Hadejia, said the Federal Government would tackle poverty and insecurity head-on across the country through financial inclusion for all Nigerians.
According to Hadejia, “Economic and financial inclusions are essential components of President Tinubu’s agenda to assist in integrating the underserved and unbanked into the formal financial system. This will enable Nigerians to access a range of financial services at a reasonable cost.
“Such services include transaction accounts, savings, payments, transfers, credit, pension, e-commerce, and insurance (including health insurance) within proximity to their place of work or residence. Economic security underlies the principle of financial inclusion.”
To this effect, President Bola Tinubu approved the takeoff of the first phase of the Consumer Credit Scheme (CCS) to empower Nigerians to improve their quality of life through access to goods and services. Announcing President Tinubu’s approval on Wednesday, his Special Adviser on Media and Publicity, Ajuri Ngelale, described the scheme as the lifeblood of modern economies.
“This scheme will facilitate crucial purchases, such as homes, vehicles, education, and healthcare, essential for ongoing stability to pursue their aspirations,” Ngelale said.
