CBN pushes for 80% financial inclusion by 2020

The Central Bank of Nigeria (CBN) has urged the Nigeria’s Financial System Strategy 2020 (FSS 2020) team to work towards ensuring that 80 per cent of Nigerians are brought into the formal financial sector, mostly in the insurance and capital market.

The CBN governor, Godwin Emefiele who gave the charge Thursday in Lagos, while addressing a joint meeting of the CBN and other agencies involved in the implementation of the FSS 2020, which evaluated the ten years of strategizing to bring into existence the FSS 2020.

Emefiele said with strong collaboration, the country will leapfrog it current challenges and could add several million to the formal sector.

The Financial System Strategy 2020 was conceptualized in 2006 by the CBN in collaboration with other key financial sector regulators to fast-track and enhance the growth and development of Nigeria’s financial system as an integral part of the national vision 2020.

FSS2020 strategy review meeting geared towards an appraisal of the accomplishments in the last 10 years and chart overall strategic direction for the next three years and beyond with a view to strengthening Nigeria’s financial system to meet the unfolding challenges in both domestic and international market.

Emefiele said: “…There is now a Central Bank of Nigeria Immediate Transfer Service (CBSITS) and an interbank platform for effecting payment transactions, Electronic Cheque Clearing (ECC) system allowing for a same day cheques-clearing process, Nigeria Electronic Funds Transfer (NEFT) as an alternative means for interbank funds transfer among others including the Real time gross settlement system.”