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HomeBusinessAbout 36% of Nigerian adults lack access to financial services ~Emefiele

About 36% of Nigerian adults lack access to financial services ~Emefiele

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The Central Bank of Nigeria (CBN) said about 36 percent of Nigerian adults still do not have access to financial services.

According to the CBN Governor, Godwin Emefiele, Improving access to finance for individuals and businesses through digital channels can help to improve financial inclusion, lower the cost of transactions, and increase the flow of credit to businesses.

Emefiele, who spoke in Enugun said the decision of the regulatory bank to launch digital currency was informed by the need to expand the space for financial inclusion.

“The central bank decided to introduce a central bank digital currency, the eNaira, which would help in attaining our goals of fostering greater inclusion using digital channels, supporting cross border payments for businesses and firms as well as providing a reliable channel for remittances inflows into the country,” Emefiele said.

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He said with the deployment of the eNaira, Nigerians in remote areas can conduct financial activities using their digital as well as features on phone devices. Partnering with our stakeholders in the financial industry, I believe that more Nigerians will be financially included.

He said the country’s robust payment system has continued to evolve towards meeting the needs of households and businesses in Nigeria.

“The high level of confidence in our payment system, between 2015 and 2020, has attracted the investment of about $500m in firms run by Nigerian founders.

“The advent of digital financial services, for example, has created faster, more efficient, and typically cheaper transactions compared to traditional financial services. As the global economy recovers from COVID-19, it is obvious that FinTech will play a more important role towards resilient and sustainable recovery.”

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