Economy
Experts Call for Digital Financial Inclusion in Nigeria
By Dipo Olowookere
Stakeholders and experts in the financial system have agreed that Nigeria’s development agenda should incorporate digital financial inclusion.
Consequently, governments and relevant agencies in the country have been challenged to work together and execute policies that will promote this system.
Speaking at the Financial Inclusion Conference 2017 organised by the Lagos Business School (LBS), in collaboration with BusinessDay, Microsave and International Finance Corporation (IFC) on Tuesday, Board Chairman of EfinA, Ms Modupe Ladipo, who is one of the panellists, said that consumer protection was essential in financial inclusion as different consumers have different needs.
“As a matter of necessity, we need to embark on research to know what our diverse population of consumers want. Let us move from office-led practice of operations to a consumer-led practice,” she counselled.
She stated further that Nigeria must meet global standards of operations, urging regulators to be more flexible and drive policies that would satisfy customers.
At the conference, the Sustainable and Inclusive Digital Financial Services initiative of LBS launched the Digital Financial Services in Nigeria: State of the Market Report 2017.
The report contains evidence-based insights on the state of financial inclusion in the country. Using consumer demographic profiles, the report describes the characteristics of potential financial services customers and also presents an examination of the policy and legal statutes guiding financial inclusion, while proffering market-enabling strategies for attaining the Central Bank of Nigeria’s commitment of 20 percent financial inclusion by 2020.
Dean of LBS, Dr Enase Okonedo, who delivered the opening remarks, said that financial inclusion has become a global trend and LBS organised the conference so that Nigeria could achieve the desired objectives of the policy.
On his part, Chairman of the House of Representatives Committee on Banking and Currency, Mr Jones Onyereri, assured that despite the challenges encountered, government would give apt attention to the players by creating a favourable avenue for financial inclusion to thrive in the country.
He highlighted the activities of the legislature to ensure that Nigeria is financially inclusive.
“The Cyber Crimes and Electronic Transactions Act were passed by the legislative body in Nigeria to bolster financial inclusion in Nigeria. It ensured ease of doing business in Nigeria,” he said.
Lory Camba Opem, Program Lead for Responsible Finance at IFC Microfinance and Digital Financial Services, said that, in addition to making all agencies and stakeholders collaborate for the common good of achieving Nigeria’s financial inclusion objectives, digital literacy and financial education were key factors to explore.
“Consumers need awareness to enable them make the right decisions for them to be inclusive, and our policies must encompass all aspects of consumer education and privacy protection,” she stated.
Gregory Chen, Head of Policy, CGAP, said that due to Nigeria’s cultural diversity, adoption of different modules or policies could be beneficial in bridging the gap in financial inclusion across the country.
Dr Olayinka David-West, Project Lead, Sustainable and Inclusive Digital Financial Services (SIDFS) Initiative at LBS, enjoined all stakeholders to roll up their sleeves to make the issues of financial inclusion work in Nigeria.
She thanked the collaborating partners, speakers, delegates and financial experts for pouring out their views and opinions and emphasised the need for a synergy in Nigeria’s financial ecosystem, which the LBS is trying to bring to fruition through the platform.
The 2017 conference collaborators, Frank Aigbogun, Publisher and CEO, BusinessDay Media, revealed the strong interest of the media organisation in the issue of financial inclusion in Nigeria, which explains the reason for the partnership, while Jacqueline Jumah, Senior Analyst in charge of Digital Financial Services, Microsave and Faculty at the Helix Institute, commended LBS for being at the forefront of impacting the practice of management in Nigeria and Africa.
By Dipo Olowookere
The stock market marginally increased by 0.03 per cent on Tuesday after the Central Bank of Nigeria (CBN) decided to retain the benchmark interest rate at 27.50 per cent to monitor the effect of the recent drop in inflation.
The rebound at Customs Street yesterday occurred amid a pocket of profit-taking in key sectors of the market, especially in the banking space.
Data showed that the industrial goods sector shed 1.25 per cent, the consumer goods industry fell by 0.87 per cent, the commodity counter depreciated by 0.22 per cent, and the banking index went down by 0.14 per cent.
However, the gains recorded by the insurance and energy sectors lifted the Nigerian Exchange (NGX) Limited as they respectively closed higher by 1.41 per cent and 0.25 per cent.
Consequently, the All-Share Index (ASI) improved by 32.64 points to 109,730.47 points from 109,697.83 points, and the market capitalisation jumped by N21 billion to N68.966 trillion from N68.945 trillion.
During the session, the market participants bought and sold 487.1 million stocks worth N13.0 billion in 18,587 deals compared with the 486.1 million stocks valued at N11.4 billion traded in 24,883 deals a day earlier, indicating a shortfall in the number of deals by 25.30 per cent, and a leap in the trading volume and value by 0.21 per cent and 14.04 per cent, respectively.
Fidelity Bank witnessed increased activity yesterday, ostensibly because of the recent news report about a judgement debt from the Supreme Court.
Despite the clarification made by the lender concerning the issue, it came under selling pressure on Tuesday, with 60.2 million units sold for N1.1 billion to lead the activity chart.
UBA transacted 36.4 million units worth N1.3 billion, Custodian Investment traded 35.6 million units valued at N698.8 million, Tantalizers exchanged 27.6 million units for N76.4 million, and United Capital traded 26.7 million units worth N496.4 million.
Business Post reports that investor sentiment was weak during the trading day, with a negative market breadth after the bourse ended with 31 price gainers and 32 price losers.
The trio of Regency Alliance, Tripple G, and Nestle Nigeria gained 10.00 per cent each to sell for 66 Kobo, N2.20, and N1464.10 apiece, as Tantalizers appreciated by 9.88 per cent to N2.78 and Multiverse improved by 9.60 per cent to N9.70.
On the flip side, Berger Paints depreciated by 9.98 per cent to N21.20, Mutual Benefits shed 9.80 per cent to settle at 92 Kobo, ABC Transport tumbled by 9.77 per cent to N2.40, Aradel Holdings crashed by 8.55 per cent to N460.00, and Caverton lost 7.09 per cent to trade at N3.80.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says the Naira is stable and more competitive in the foreign exchange market, indicating stability for the Nigerian economy.
He made the disclosure at the end of the 300th Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, May 20, where key interest rates were held steady for yet another period.
“Given the relative stability in the foreign exchange market, members urge the bank to sustain the implementation of the ongoing reforms to further boost the economy,” Mr Cardoso said.
Business Post reports that the Naira had closed at N1,598 per Dollar at the official FX market on Monday.
He said the MPC also lauded new policies introduced by the federal government to boost local production, reduce foreign exchange demand pressure, and lessen the pass-through of higher rates to domestic prices.
The CBN Governor also said the MPC believes that the Nigerian economy is now stable, urging private individuals interested in investing in the economy to take the initiative.
The apex bank retained the Monetary Policy Rate (MPR) at 27.50 per cent, same as the asymmetric corridor around the MPR at +500/-100 basis points, and helf the Cash Reserve Ratio of Deposit Money Banks at 50.00 per cent and Merchant Banks at 16 per cent, and retain the Liquidity Ratio at 30.00 per cent.
While relating the decision of the MPC on Tuesday, Mr Cardoso referenced the National Bureau of Statistics (NBS) inflation rate for April, pegged at 23.71 per cent.
According to NBS, the annual inflation rate fell to 23.71 per cent in April 2025, from 24.23 per cent in the prior month. Food inflation, the largest component of the inflation basket, remained elevated but moderated to 21.26 per cent from 21.79 per cent in March, mainly on account of prices of some items such as maize, wheat, yam and wheat.
“The inflation numbers speak for themselves. The overall trajectory is in the right direction. There is no one solution to solve the economic challenges. What will solve the problem is a multiplicity of overall efforts.
“The journey will begin to yield greater results as time goes on, given the relative stability in the foreign exchange market,” he said.
The CBN Governor added that the Naira is more competitive and “this should encourage more exports if we continue in the trajectory. I am very optimistic.”
By Adedapo Adesanya
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has left the interest rates unchanged as it awaits more data to determine the inflation outlook.
According to an announcement by the Governor of the apex bank, Mr Yemi Cardoso, at the end of the 300th MPC meeting on Tuesday, the committee retained the Monetary Policy Rate (MPR) at 27.50 per cent, the Cash Reserve Ratio (CRR) at 50 per cent, and the Liquidity Ratio (LR) at 30 per cent.
This was widely expected as inflation cooled to 23.71 per cent in April 2025, according to the latest report by the National Bureau of Statistics (NBS).
Although at 23.71 per cent, the inflation levels remain elevated and strains on the Naira have only recently abated after an initial selloff in April caused by a slump in the price of oil, the country’s main export.
Business Post reports that the World Bank had recently projected that Nigeria’s inflation may moderate to 22.1 per cent this year, higher than the 15 per cent targeted by the Bola Tinubu-led administration.
There are also indications that if inflation slows down in the next two months, Nigeria might start cutting rates in the next half of 2025.
Nigeria may see “some room for the CBN to cut rates” in the second half of the year as disinflation is expected, Mr Gbolahan Taiwo, an analyst at JPMorgan Chase & Co. said in a client note.
The MPC meeting is the first rate-setting meeting since the US imposed a 10 per cent universal tariff and slapped China, Africa’s largest trading partner — with a 145 per cent levy before reducing it to 30 per cent for 90 days.
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN