Financial inclusion: CBN restates commitment to using technology to capture unbanked

The Central Bank of Nigeria (CBN) has reemphasized its commitment to using technology to increase the number of banked Nigerians.

The Deputy Governor, Operations Directorate, CBN, Ade Shonubi, explained that in the last three years, the apex bank had been deploying technology towards deepening financial inclusion and that many other West African countries were following suit with various innovations that had been introduced in the banking system.

“Like people, countries must evolve. We must create an environment which enables our people, young and old, as well as the country, take control of our tech future.”

He added that the apex bank had also released new policy frameworks on consumer protection, financial literacy and financial education.

“Adequate consumer protection is critical to sustaining the long term viability of the financial sector because consumer protection is a necessary precursor to building and maintaining trust in the formal financial sector.

“An essential pillar of any consumer protection regime is consumer education, which is founded on financial literacy.

“The benefits of a financially literate population are immense. Consumers are better equipped to make optimal choices in the use of financial products, pose lower credit and default risk.

“In addition constitute a market for sustainable financial services and promote Financial System Stability by increasing market demand and responsible use of financial services,” she said.