Recession puts CBN’s financial inclusion target at risk

The current economic challenges, which have led to massive job losses in some sectors of the economy, as well as closure of some businesses, are having a negative impact on the financial inclusion target of the Central Bank of Nigeria.

This is one of the major outcomes of the third annual symposium of the Nigerian Microfinance Platform with theme, ‘Enhancing savings mobilisation through mobile money, agent banking and digital money’.

The symposium convened by the Director, Other Financial Institutions Supervision Department, CBN, Mrs. Tokunbo Martins, was attended by stakeholders in the microfinance banking sector of the economy.

Speaking at the event, the Managing Director, Enhancing Financial Innovation and Access, Mrs. Linda Quaynor, said that findings from the survey conducted by the agency showed that while regulations around financial services innovation had improved opportunities for savings mobilisation, the use of formal savings products and services in Nigeria was just about half of the 2020 target of the apex bank.