Banks’ borrowing from CBN rises 74% to N901bn

By Emmanuel Elebeke

The Central Bank of Nigeria, CBN, has indicated that it was focusing on empowering the rural women, especially those in Northern Nigeria, in order to close the gender gap and achieve the 95% financial inclusion target set for 2024.

The  CBN Deputy Governor, Mrs. Aisha Ahmad, who disclosed this while delivering a  keynote speech at the 5th  National Conference of Association of Mobile Money and Bank Agents in Nigeria, AMMBAN, in Abuja,  said women must be brought into the financial inclusion ecosystem to boost the chances of Nigeria meeting the set target for inclusive financing, which she said will benefit individual families, businesses, and the Nigerian economy as a whole.

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Though, the country had missed the 80% target set for 2020, she explained that    the apex bank is already making case for more women in inclusive financing, which she believed is crucial for sustaining the gains of financial inclusion and ensuring a shared and inclusive prosperity  for all Nigerians.

  According to her, the CBN has championed financial inclusion plan by establishing National Financial Inclusion Strategy  and conveying a variety of stakeholders  to implement it.

She stated: “Since that strategy was published in 2012, millions of Nigerians have been included in the formal financial system. The strategy was revived in 2018 to address identified gaps in certain segments and work fully in leveraging into technologies to drive financial inclusion.

“About 64.1% of Nigerians are financially included; this figure is clearly below the  80% financial inclusion we set for ourselves in 2020. Focus will be paid on the rural women, especially those in Northern Nigeria.

“We still have a work to do to achieve 80% financial inclusion and gaps in financial access remains. The CBN has since 2020 set an ambitious target to get 95% of adults being financially included by 2024.”

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