95% Financial Inclusion Target Impossible Without Enabling Environment—Yuguda

Image

By Aduragbemi Omiyale

The Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda, has submitted that it would be impossible for Nigeria to achieve the 95 per cent financial inclusion target if an enabling environment is not created.

According to him, financial inclusion is achieved when individuals and businesses have access to useful and affordable financial products and services, which he said must meet the needs of individuals and businesses and must be delivered sustainably and responsibly.

Speaking at the inaugural conference of Oriental News Nigeria held in Lagos with the theme, Engaging with critical groups to develop effective financial inclusion initiatives, the SEC boss reiterated the commitment of the agency to ensure every segment of the society is covered in the ongoing financial inclusion initiative of the federal government.

Mr Yuguda, who was represented at the event by the Head Financial Inclusion Division, Market Development Department at SEC, Sa’adatu Faruk, stated that the commission was committed to ensuring that more Nigerians are captured in the digitalisation of the economy through the financial inclusion policy.

“Achieving financial inclusion involves the coming together of multiple stakeholders, from the federal government, policymakers, and regulators to private industries, including employers, educational systems, communities and individuals. There is a global recognition and acceptance for the achievement of financial inclusion through a focus on digital technology.

“In order to reach the 95 per cent financial inclusion target, we must first and foremost recognise the imperative for prioritising financial literacy at all levels, the importance of innovation and the need to create an enabling environment to promote financial inclusion,” he stated.

The DG assured that with the help of the fast-growing fintech penetration in the economy and financial systems, more Nigerians will be captured and be more protected to effectively navigate the nation’s financial systems, through the enabling channels, including the capital market, insurance and savings.

Mr Yuguda disclosed that the commission has created new standards and rules for the registration and operations of fintech firms in the market to ensure compliance with global standards and adequate protection of investments.

He reassured that the licenced fintech companies will further speed up the financial inclusion policy of the federal government, as well as ensure adequate protection for their financial/ investment transactions, noting that SEC will continue to partner with the Central Bank of Nigeria (CBN) and other stakeholders to initiative awareness and literacy programmes.

“Some efforts the commission is making in this regard is the issuance of non-interest instruments to increase the availability of affordable and acceptable products for investing public, the introduction of direct cash settlement to enhance payment process to investors, the introduction of e-dividend to reduce unclaimed dividend and increase investor confidence as well as the infusion of capital market studies into basic senior and secondary school’s curriculum among others,” he added.

Share
Related Stories
Image
29-February-2024

NGX Falls by 1.27% as Traders ‘Protest’ CBN Rate Hike

By Dipo Olowookere The decision of the Central Bank of Nigeria (CBN) to push the anchor interest rate higher by 4.00 per cent to 22.75 per cent from 18.75 per cent on Tuesday had a toll on the Nigerian Exchange (NGX) Limited on Wednesday. Yesterday, the stock market lost 1.27 per cent after investors cut down their exposure to equities in reaction to the monetary policy announcement of the apex bank a day earlier. The bourse suffered selling pressure during the session, seeing all the major sectors closing in the red territory, with the banking index falling by 6.90 per

Image
29-February-2024

Crude Oil Mixed on Undecided US Interest Rates Move, High Inventories

By Adedapo Adesanya Crude oil futures settled mixed on Wednesday after the US Federal Reserve held firm on its decision to hold off cutting interest rates soon while growing crude stockpiles in the world’s largest producer added further pressure. Brent crude futures settled 3 cents higher, or up 0.04 per cent at $83.68 a barrel while the US West Texas Intermediate futures (WTI) settled 33 cents lower, or down 0.42 per cent at $78.54. The market was unsteady over signs that interest rates in the world’s largest economy would remain elevated. US Federal Reserve Bank of New York President John

Image
27-February-2024

CBN Resumes FX Sales to BDCs, Pegs Rate at N1,301/$1

By Adedapo Adesanya The Central Bank of Nigeria (CBN) will begin selling Dollars to eligible Bureau De Change operators (BDCs) at a pegged rate of N1,301/$1 in its latest effort to improve liquidity in the Nigerian foreign exchange market. The apex bank will begin those sales after proposing more stringent rules for BDC operators last week, according to a circular published on Tuesday. According to the notice signed by Mr Hassan Mahmud, the CBN Director of Trade and Exchange Department and seen by Business Post, the CBN said it carrying out the move due to “the continued price distortions at

More Stories
Image
29-September-2017

Fidelity Bank to List $500m Eurobond on Irish Stock Exchange

By Modupe Gbadeyanka Tier-2 lender in Nigeria, Fidelity Bank Plc, has announced its intention to raise about $500 million Eurobond to be used for financing the tender offer of the existing $300 million notes and for its general banking purposes. A statement signed by the chief executive of the financial institution, Mr Nnamdi Okonkwo, stated that the senior unsecured medium term deal notes would be listed on the Irish Stock Exchange, with the expectation that the notes will be traded on its regulated market. According to Mr Okonkwo, both the Central Bank of Nigeria (CBN) and the Securities and Exchnage

Image
01-January-2020

Oil Falls as US, China Plan to Sign Trade Deal January 15

By Adedapo Adesanya Oil prices fell on the last trading day of the year on Tuesday, December 31, despite US President Donald Trump saying that the phase one trade deal between the United States and China would be signed on January 15 at the White House. Brent crude was down 67 cents or 1 percent at $66 per barrel while the US West Texas Intermediate (WTI) crude fell 62 cents or 1.01 percent at $61.06 per barrel. In a tweet on Tuesday, the US president said “high-level representatives of China” would attend an official ceremony at the White House, adding

Image
19-August-2019

Nigeria’s D’Tigress Retains AfroBasket Title in Senegal

By Adedapo Adesanya Nigeria’s female basketball team known as D’Tigress on Sunday defeated Senegal 60-55 to win the 2019 women’s Afrobasket title they won two years ago. The final match played at the at the Dakar Arena, Senegal saw about 15,000 fans watch the Nigerian ladies overpower the tournament host Senegal to win back-to-back titles. The result means D’Tigress became the first team to retain FIBA Women’s AfroBasket title back-to-back since Angola followed up their 2011 triumph with another in 2013. On their way to the final, Nigeria eased past Mali, 79-58, in Friday’s first semifinal, while Senegal defeated Mozambique

Image
11-November-2021

Africans with Diabetes Face Higher Rate of COVID-19

By Adedapo Adesanya The World Health Organisation (WHO) has said that Africa’s death rates from COVID-19 infections are significantly higher in patients with diabetes, according to a preliminary analysis. At a presentation on Thursday, the global health watchdog said that Africa’s sharp increase in diabetes was clashing with the COVID-19 pandemic and poor access to vaccines. According to Dr Matshidiso Moeti, WHO Regional Director for Africa, “COVID-19 is delivering a clear message: fighting the diabetes epidemic in Africa is in many ways as critical as the battle against the current pandemic. “The COVID-19 pandemic will eventually subside, but Africa is

Image
10-December-2020

All You Need to Know About Trading in Currency Market

Online trading of currencies is gaining momentum all around the world since the last two decades. Africa alone today has estimated approx. 1.3 million forex traders, South Africa and Nigeria are the leading countries with around 400,000 traders locally combined. The currency market is a decentralized international financial market where buying, selling and exchange of global currencies among buyers and sellers take place. In the currency market, the values of currencies are determined based on supply and demand, and it is the largest financial market with transactions crossing over $6.6 trillion per day. The bulk of currency trading volume comes

Image
29-March-2021

Local Stock Market Attracts N21.3bn in One Week

By Dipo Olowookere The stock market in Nigeria attracted investments worth N21.3 billion last week on the back of a huge demand for financial stocks. Equities in the sector impressed investors last week with dividends and this caused the bargain hunting witnessed in the space in the five-day trading week, especially on Stanbic IBTC, Union Bank and GTBank. According to data obtained by Business Post from the Nigerian Stock Exchange (NSE), financial stocks accounted for 1.1 billion shares valued at N12.3 billion traded in 11,106 deals, contributing 71.67 per cent and 57.69 per cent to the total equity turnover volume

Image
05-December-2018

K1 De Ultimate Donates Campaign Vehicles to Lagos APC Guber Candidate

By Dipo Olowookere Fuji music maestro, Wasiu Ayinde Marshal popularly called K1 De Ultimate, has donated some campaign vehicles to candidate of the All Progressives Congress (APC) for the Lagos State governorship election in 2019, Mr Babajide Sanwo-Olu. The vehicles were donated when the musician held a meeting with Mr Sanwo-olu and his deputy governorship candidate, Mr Kadiri Obafemi Hamsat, at their Awolowo Road, Ikoyi office on Tuesday afternoon. The meeting becomes the first to be done by the musician since the flag off of the campaign by the party. The veteran artiste said he would give out 15 vehicles

Image
20-September-2020

FRSC Postpones Promotion Exams Over Insecurity

By Adedapo Adesanya The Federal Road Safety Corps (FRSC) has indefinitely postponed its promotion examinations scheduled to commence on Monday following prevailing security challenges. This is coming ahead of reported attacks on corps travelling from the Sokoto and Kebbi State Commands of the corps for a training programme at FRSC Academy, Udi, Enugu State. The development caused panic among other officers of the corps, who were expected to travel to Jos from the South for their examinations. A circular dated September 17 and signed by Deputy Corps Marshal, DCM Ojeme Ewrudjakpor, stated that the exercise has been postponed indefinitely, citing

Ad
Ad
Recent Stories
Image
29-February-2024

Senate Confirms Appointment of Four Nominees to CBN Board

By Aduragbemi Omiyale The appointment of four nominees to the board of the Central Bank of Nigeria (CBN) has been confirmed by the Senate. The nominees were confirmed for the position at the plenary on Thursday after the presentation of the report of the Senate Committee on Banking, Insurance and Other Financial Institutions. Chairman of the committee, Mr Tokunbo Abiru, informed his colleagues that only four of the five persons nominated by President Bola Tinubu appeared for screening. The nominees screened and confirmed to join the board of directors of the central bank are Robert Agbede, Ado Yakubu Wanga, Murtala

Image
29-February-2024

Africa Beyond Russia’s Grains Partnerships

By Kestér Kenn Klomegâh Until sustainable food security is established through modernizing agriculture and ensuring adequate support for local farmers, Russia’s grain supply would be a soft geostrategic bait (i) to reinforce the existing time-tested relationships with Africa and (ii) to solicit an endorsement for the unprovoked war in Ukraine. In a speech delivered on March 20, 2023, during the interparliamentary conference ‘Russia-Africa’ held in Moscow, President Vladimir Putin described six African countries as the least developed and poorest in the world that are urgently in need grains, alternatively referred to as humanitarian aid, to feed its population. The beneficiary

Image
29-February-2024

MasterCard, MTN Partner to Boost Digital Commerce, Payments

By Aduragbemi Omiyale A partnership aimed at driving acceleration of the mobile money ecosystem in Africa across 13 markets has been entered into between Mastercard and MTN Group Fintech. This is coming shortly after the payments giant completed the purchase of a minority stake in the telecommunications company. The deal will see Mastercard giving a prepaid virtual card tailored for MTN’s MoMo customers, granting them access to over 100 million acceptance points worldwide. Additionally, it will empower MoMo merchants to seamlessly accept card payments, enhancing the platform’s instant cross-border money remittance services and capabilities. Further, Mastercard will use its cutting-edge

Image
29-February-2024

Adesina to Receive Prestigious Obafemi Awolowo Prize for Leadership

By Ichie Enyi Ejike Umunnabuike Jr Come March 6, 2024, the Lagos Continental Hotel will host an unforgettable occasion when the President of the African Development Bank (AfDB), Mr Akinwumi Ayodeji Adesina, will be formally honoured and presented with the distinguished Obafemi Awolowo Prize for Leadership 2023. The Obafemi Awolowo Prize for Leadership was first announced in December 2012, with the official award ceremony held on March 6, 2013. Before Mr Adesina was announced as its fourth recipient, three other distinguished personalities had been conferred with the prestigious award – Noble Laureate, Prof. Wole Soyinka; former South African President, Thabo

Image
29-February-2024

Exploring Diverse and Evolving Sounds of Africa

Africa’s music scene is a sonic melting pot, where rhythms collide and cultures connect. It’s a universal language, a force that breaks boundaries and fuels the soul. This sonic tapestry isn’t just diverse – it’s explosive. Afrobeats and Amapiano own the spotlight right now. Those irresistible Afrobeats hooks? They’ve got the whole world dancing. And Amapiano’s hypnotic blend of South African house and street sounds? It’s straight-up addictive. Mainstream African artists are pushing the boundaries like no one else, taking Amapiano and running with it. They’re injecting their fire, creating a whole new flavour. This is proof that African music

Image
29-February-2024

Nigeria Needs Policies that Prioritize Economic Recovery—Peter Obi

By Adedapo Adesanya The presidential candidate of the Labour Party in the 2023 general elections, Mr Peter Obi, has raised concerns over the recent decision of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to increase the Monetary Policy Rate (MPR) to 22.5 per cent and the Cash Reserve Ratio (CRR) to 45 per cent. Mr Obi warned that this move is likely to worsen the ongoing economic challenges faced by many Nigerian households, and emphasized the need for policies that prioritize economic recovery. In a statement issued via X (formerly Twitter), the businessman and former

Image
29-February-2024

Silence Laboratories Raises $4.1m for Privacy-Preserving Computing

By Adedapo Adesanya Silence Laboratories has announced securing $4.1 million in funding to enable privacy-preserving collaborative computing led by Pi Ventures and Anurag Arjun, along with several prominent angel investors. In a statement shared with Business Post, the company said with the market for privacy-enhancing technologies (PETs) growing globally at a compound annual growth rate of 26.6 per cent, there is growing demand. In recognition of this, Silence Laboratories is offering to provide mathematical guarantees for techno-legal expectations as part of a mission to create infrastructure to enable complex data collaborations between enterprises and entities, without any sensitive information being

Image
29-February-2024

MainOne Stretches Submarine Cable to Akwa Ibom

By Modupe Gbadeyanka A submarine cable spanning 45,000km in length known as 2Africa has been landed in Akwa Ibom State by MainOne, an Equinix company. It is one of the world’s largest subsea cable projects and will interconnect Europe, Asia, and Africa, with a design capacity of up to 180Tbps. The cable is the first and only submarine cable system in Nigeria outside of Lagos, and it marks a significant milestone in enhancing broadband connectivity and driving economic development in the South-South, South-East and North-Central regions of Nigeria. The significance of 2Africa lies in its capacity to address critical internet

Image
29-February-2024

Russia, Mali Review Military Partnership

By Kestér Kenn Klomegâh  Russian Foreign Minister Sergey Lavrov has offered an increased military partnership during the latest bilateral talks held on February 28, 2024, with his Malian counterpart Abdoulaye Diop in Moscow. The significance of Russian support is directed at fighting terrorism and enhancing the combat effectiveness of the Malian army and law enforcement agencies, including the training of soldiers and police officers The interim military government has maintained a well-developed multifaceted nature of bilateral relations with Russia since the military ascended into political power. Russian leader Vladimir Putin and Mali’s Interim President Assimi Goita on the sidelines of

Image
29-February-2024

Anthropics Unveils Zyler Virtual Try-On for Menswear

By Modupe Gbadeyanka One of the global leaders in virtual fashion try-on technology, Anthropics, has moved to transform the future of online shopping with the introduction of the Zyler Virtual Try-On for menswear. The new initiative will improve the way consumers shop for clothes, providing a realistic virtual try-on experience. With it, customers can upload a headshot, enter some measurements, and then see themselves on the screen wearing the outfit. Powered by the latest research in Artificial Intelligence, Zyler creates a lifelike virtual representation of the user, allowing them to see how different garments fit and look on their unique