The Central Bank of Nigeria (CBN) has set a target of achieving more than 95% financial inclusion by 2024.
Currently, 64.1% of the population is already financially included, according to the CBN.
To reach their goal, the CBN has implemented various measures, including dividing commercial banks’ Know Your Customer services into different tiers.
The CBN has also conducted awareness campaigns and brought together stakeholders from different sectors, such as financial services agents, insurance pensions, and capital markets, to ensure financial inclusion.
The CBN aims to streamline the process of obtaining financial products and services by reducing bureaucracy and requiring minimal identity verification.
While there may be delays in signing up customers due to internal workings of financial service providers, the CBN is working to coordinate the sector and emphasize the importance of efficiency.
Article updated 3 weeks ago. Content is written and modified by multiple authors.
