By BABAJIDE KOMOLAFE, PETER  EGWUATU & ROSEMARY ONUOHA

Central Bank of Nigeria, CBN, has said Nigeria would soon come up with a Financial Inclusion Index (FII), which will enable it relatively measure the compliance level of people that have keyed into the global financial inclusion initiative.

The CBN further disclosed that the presidency has given its assent to the financial inclusion initiative of the CBN. The Director, Development Finance Department of the CBN, Mr. Paul Eluhaiwe, represented by Dr. Polycarp  Isiaku, disclosed this at the three-day CBN seminar for financial correspondents and business editors in Umuahia, Abia State.

CBN Gov, Sanusi Lamido

Speaking on the theme: Financial Inclusion in Nigeria: Issues, Challenges and Prospects, he stated that Nigeria is relatively low in the number of people that have embraced financial services when compared to other developed economies.

According to him, “Penetration of financial services like payment is very low and the services being provided by banks are expensive.  About 4 per cent of Nigerians take insurance products, while the North- East is the most hit in the financial inclusion.”

While commenting on the Global Financial Index, he said that Nigeria which is yet to have its own Financial Inclusion Index will soon come up with one, adding that government has the political will to reduce the number of currency outside the banking system.

Explaining further on the political will, he said; “The CBN has got presidential assent on financial inclusion. Mr. President and his cabinet are keying into financial inclusion strategy that will help reduce corruption and increase savings mobilisation.”

On his part, Prof. David Ajakaiye, who spoke on Measurement of Financial Inclusion in Nigeria, said banks should see financial inclusion as opportunities and not as obligations.

“So when you allow the market logic to decide the usage of these services, then the essence will be defeated. This is because when that happens, banks will come out with less products or even none since there is no incentives that will entice them.”