New Telegraph

CBN, 9mobile, others brainstorm on deepening financial inclusion

As part of efforts to promote financial inclusion among the unbanked and underbanked population in Nigeria, the Central Bank of Nigeria (CBN), 9mobile, Ecobank, Vanguard Newspapers, Sanef, and other stakeholders in the financial sector have taken a critical look at the issues, as well as the roadmap to actualising the objectives of the cashless policy.

The discussion, which took place at the virtual forum series, organized by Ecobank and Vanguard Newspaper, focused on Mobile Payment Innovation and Closing the Financial Inclusion Gap – post Covid- 19. Representing the apex bank, Director of Payment Systems at the CBN, Mr. Jimoh Musa, stated that Nigeria had made a commitment to reduce the number of financially excluded from 46 per cent to 20 per cent.

He emphasised that the idea and strategy of the CBN to introduce agent banking and mobile money was to solve the inclusion access and proximity issues. “One of the things that we found was that it was very difficult for people in the rural communities to have access to financial touch-points to the extent that people in the rural communities would have to travel for 10 to 20 minutes to get to the nearest financial touch-point,” he said.

In his contribution, the CEO of 9mobile, Alan Sinfield, stated that the telecom company was continually exploring opportunities to bring creative solutions to Nigerians.

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