The Central Bank of Nigeria (CBN) has reported achieving a financial inclusion rate of 64.1%. The CBN aims to raise financial inclusion to 95% by 2024, with a new financial inclusion strategy 3.0 in place.
The Know Your Customer (KYC) service by commercial banks has been streamlined into different tiers to ease access to financial products and services. CBN coordinates with industry stakeholders, including financial service providers, insurance, pensions, and microfinancial banks, to improve awareness and financial literacy for utilizing digital financial services.
The CBN continues to review its strategies and implementation to identify and address gaps in achieving its financial inclusion targets.
Opinion: The CBN’s progress in achieving a 64.1% financial inclusion rate is commendable, but there is still room for improvement. The target of 95% inclusion by 2024 is ambitious, and the streamlined KYC service is a step in the right direction to remove barriers to entry. To achieve higher financial inclusion, CBN’s efforts to bring together stakeholders and create awareness through campaigns and financial literacy programs are essential. Continuous review and fine-tuning of strategies will be crucial to ensure that the diverse needs of the population are met, especially in utilizing digital financial services. Continuous review and fine-tuning of strategies are essential to meet the diverse needs of the population and enhance awareness of digital financial services.