Emefiele Optimistic CBN Will Attain 85% Financial Inclusion Target

Hamilton Nwosa
Writer

Ad

The Need for Nigeria to Lead Africa in the Emerging Age of Artificial Intelligence

By Sonny Iroche Introduction: Standing at the Threshold of the Fourth Industrial Revolution The world is on the cusp of a seismic transformation driven by Artificial Intelligence (AI). Just as steam engines powered the first Industrial Revolution, electricity and mechanization the second, and digital computing the third, AI is the defining force of the Fourth…

Why Wike Should Resign or Be Sacked: A Call to Organized Civil Society in Nigeria to Uphold Anti-corruption Standards with Consistency, By Frank Tietie

By Frank Tietie The revelations by Nigerian social crusader, investigative journalist, and activist Omoyele Sowore regarding the current Minister of the Federal Capital Territory, Nyiesome Wike, are serious and warrant the attention of all Nigerians who care about the integrity of the country. Sowore has alleged that Wike laundered funds and concealed the purchase of…

Dangote Refinery Slams PENGASSAN, Describes Order as ‘Economic Sabotage’

By Abiola Olawale In an escalating labor showdown, the Dangote Petroleum Refinery has fired back at the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), criticising the latter’s order on Saturday. This is as the refinery owned by Africa’s richest person, Alhaji Aliko Dangote described PENGASSAN's order to cut crude oil and gas…

Ad

The Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has expressed optimism that the Bank will achieve the 85% financial inclusion rate target in Nigeria, within a very short period from its current rate of slightly below 70%.

Mr. Emefiele disclosed this in Abuja at the Bank’s head Office in Abuja, while playing host to a delegation of Executive Directors from the Bank of Uganda, who were on an experience sharing tour of the CBN’s Central Bank Digital Currency (CBDC) project on Monday, May 9, 2022.

He noted that the CBN was committed to accelerating the rate at which those who were financially excluded could come into the formal banking sector.

He expressed satisfaction that the country’s Central Bank Digital Currency, the eNaira, had recorded some level of success judging by the rate of integration and security features, adding that the CBDC will enhance the relationship between mobile banking and e-business and speed up the rate of financial inclusion.

The CBN Governor also noted that the interest the novel eNaira was attracting from other countries and multinational bodies such as the International Monetary Fund (IMF) and the World Bank, underscored the level and quality of work the CBN had put into the project.

Although he noted that Nigeria, being the first country in Africa to launch its CBDC, was a case study to other climes, he said the country was treading cautiously to ensure it sustains the successes recorded thus far.

While equally stressing that the country had deepened its payment system infrastructure, which he noted was ranked among the best in the world, Mr. Emefiele paid tribute to his predecessor in office, Sanusi Lamido Sanusi, for laying the foundation upon which the country’s current payments system was built. He recalled that Sanusi, as then CBN Governor, appointment him chairman of the sub-committee of the of the Bankers’ Committee to lead the payments system drive in 2012, adding that the move paved the way for innovative ideas that eventually led to the creation of the eNaira.
He therefore charged the Executive Directors (Deputy Governors equivalent) of the Bank of

Uganda to strive to strengthen their country’s payment system, noting that a strong payment system remained the bedrock for the successful take-off of a Central Bank Digital Currency (CBDC).

The delegation from the Bank of Uganda (BoU) comprised; Executive Director and Economic Adviser to the Governor, BoU, Dr. Jacob Opolot; the Executive Director, Information Technology, BoU, Mr. Richard Mayebo; Executive Director, Finance, BoU, Mr. Richard Byarugaba; and the Ag. Director, National Payments Systems Department, Mr. Andrew Kawere.

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp