Nigeria’s Financial Inclusion Rate Almost at 70%—CBN

By Aduragbemi Omiyale

The financial inclusion rate in Nigeria is almost at 70 per cent, the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has disclosed, expressing optimism that the 85 per cent target would be achieved within a very short period.

Speaking in Abuja on Monday, Mr Emefiele said the introduction of the eNaira last year will speed up the rate of financial inclusion by enhancing the relationship between mobile banking and e-business.

Yesterday, the apex bank chief received a delegation of Executive Directors from the Bank of Uganda (BoU), who were on an experience sharing tour of the Central Bank Digital Currency (CBDC) project of the CBN.

The team comprised Executive Director and Economic Adviser to the Governor, BoU, Dr Jacob Opolot;  the Executive Director, Information Technology, BoU, Mr Richard Mayebo; Executive Director, Finance, BoU, Mr Richard Byarugaba; and the Acting Director, National Payments Systems Department, Mr Andrew Kawere.

While addressing his guests at the bank’s head office in Abuja, Mr Emefiele noted that the CBN was committed to accelerating the rate at which those who were financially excluded could come into the formal banking sector.

He said the eNaira has recorded some level of success judging by the rate of integration and security features, adding that the digital Naira was attracting from other countries and multinational bodies such as the International Monetary Fund (IMF) and the World Bank.

According to him, this underscored the level and quality of work the CBN had put into the project, though he noted that Nigeria, being the first country in Africa to launch its CBDC, was a case study to other climes, the country was treading cautiously to ensure it sustains the successes recorded thus far.

While equally stressing that the country had deepened its payment system infrastructure, which he noted was ranked among the best in the world, Mr Emefiele paid tribute to his predecessor in office, Mr Sanusi Lamido Sanusi, for laying the foundation upon which the country’s current payments system was built.

He recalled that Mr Sanusi, as then CBN Governor, appointed him chairman of the sub-committee of the Bankers’ Committee to lead the payments system drive in 2012, adding that the move paved the way for innovative ideas that eventually led to the creation of the eNaira.

He, therefore, charged the Executive Directors (the equivalent to CBN Deputy Governors) of the Bank of Uganda to strive to strengthen their country’s payment system, noting that a strong payment system remained the bedrock for the successful take-off of a CBDC.