At the International Financial Inclusion Conference in Lagos, the Central Bank of Nigeria (CBN) unveiled three new initiatives aimed at reducing financial exclusion in the country, particularly for women, youth, and small businesses. The initiatives include the Women Financial Inclusion Dashboard to address gender gaps, the Women Entrepreneurs Finance Code for supporting women-owned small businesses, and a Roadmap for the Financial Inclusion of Forcibly Displaced Persons, which seeks to improve financial access for vulnerable groups. These programs were introduced to foster economic development and align with CBN’s goal of achieving 95% financial inclusion in Nigeria.
CBN Governor Olayemi Cardoso emphasized the role of enhanced capital requirements for banks in expanding financial access to underserved populations. With stronger capital bases, Nigerian banks can offer more loans to micro, small, and medium enterprises (MSMEs) and extend services to rural and vulnerable communities. Cardoso also highlighted that increased capital would enable banks to invest in digital financial solutions like mobile money and agent banking, supporting CBN’s broader goal of inclusive economic growth.
The conference saw input from key stakeholders, including the World Bank and Lagos State government, on supporting Nigeria’s $1 trillion economy goal through financial inclusion. The World Bank Country Director for Nigeria, Dr. Ndiame Diop, discussed efforts to strengthen payment systems, microfinance regulation, and consumer protection, which are crucial to boosting financial participation. Deputy Governor of Lagos, Obafemi Hamzat, representing Governor Babajide Sanwo-Olu, reiterated the importance of a human-centered approach to achieving inclusive growth, especially through technological advancements that address local aspirations.
