The Central Bank of Nigeria, CBN, which is a major driver of the financial inclusion policy, has laid down strategies in place to directly address the barriers of financial inclusion.
These strategies were melted out by the head of financial inclusion Secretariat, central bank of Nigeria, Temitope Akin-Fadeyi, on the NTA’s News and Current Affairs programme, Good Morning Nigeria.
According to her, financial inclusion refers to accessibility, convenience, suitability and affordability of financial services to the people. In other words, it means bringing the people closer to the financial system.
“These strategies were launched to provide a road map for Nigeria to do financial inclusion which essentially is about bringing people into the financial system.”
She explained that these strategies were formed to address the barriers of process, distance and the barrier of financial literacy,
“People do not have to possess an international licence, international passport, driver’s licence and other formal documents to get into the financial system. This was to combat the barrier of process.
“People who wish to get into the financial system would only require a name, phone numbers and a passport photograph. This was done so as to address the cumbersome nature of getting access into the financial system”, she said.