“The Central Bank of Nigeria (CBN) and the Bill and Melinda Gates Foundation (BMGF) have finalized their plans to enhance financial inclusion in the country.
In discussions held last week, Folashodun Shonubi, Acting Governor of the CBN, reaffirmed the commitment of the central bank to collaborate with BMGF and other development partners, as stated in a recent statement from the CBN. Shonubi emphasized the aim of this partnership to explore innovative solutions that promote access to finance. He acknowledged the progress made in various aspects of financial inclusion but acknowledged the remaining challenges in achieving the desired level of financial inclusion in Nigeria.
Shonubi called for increased collaboration between the CBN and BMGF. Nigeria developed its first financial inclusion strategy in 2012, with the goal of including up to 80 percent of the population in the financial system by 2020, according to Enhancing Financial Innovation and Access, a financial sector development organization. However, the country did not meet the target, with financial inclusion growing to 64.1 percent in 2020 from 63.2 percent in 2018. Although the inclusion rate experienced a slight decline from 36.8 percent in 2018 to 35.9 percent in 2020, the number of excluded adults increased from 36.6 million in 2018 to 38.1 million in 2020, indicating that an additional 1.5 million adults fell into the exclusion category in the past two years.
The CBN stated that BMGF has been supporting financial inclusion in Nigeria since 2012 and has been a strategic partner in driving innovation to reach underserved segments of the population. The partnership has led to initiatives such as the Nigeria Financial Services Maps, which enables geospatial mapping of access points, and the development and revision of the National Financial Inclusion Strategy. Bill Gates, co-chair of the Bill and Melinda Gates Foundation, expressed that the foundation’s ongoing engagement in Nigeria focuses on health, agriculture, and financial services. He expressed satisfaction that the foundation’s support is driving developmental action in Nigeria while acknowledging the challenges and gaps that still exist. Gates expressed optimism that Nigeria would achieve better outcomes due to the new economic and monetary policies currently in place.
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