CBN sets new target for banks on financial Inclusion

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The Central Bank of Nigeria on Thursday issued a new target for Deposit Money Banks and all Microfinance Banks in the Federal Capital Territory towards achieving the 80 per cent financial inclusion target for all adult population in Nigeria by 2020.

The apex bank also inaugurated a Financial Inclusion State Steering Committee to boost the implementation of its 80 per cent financial inclusion strategy.

The National Financial Inclusion Strategy was launched on October 23, 2012, and the overall target was to reduce the percentage of adult Nigerians excluded from access to financial services from 46.3 per cent in 2010 to 20 per cent in 2020.

But with three years to the 2020 target, Nigeria is currently battling 41.6 per cent exclusion rate as revealed by the access to financial services survey of 2016 conducted by Enhancing Financing Innovation and Access.

The Branch Controller, CBN, Abuja Branch, Elizabeth Agu, said the financial exclusion rate of 41.6 per cent was still very low compared to the apex bank’s target of 80 per cent.

This, she added, underscores the need to work hard on the exclusion rate from this year till 2020.

She said to achieve the target, the CBN has set a target of 1,500 for DMBs in FCT to open new savings account for customers while MFBs were given 2,500 new accounts.

For credit customers, she said the CBN has set a target of 600 new customers for DMBs while MFBs were given 1,000 new accounts.

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