…CSOs demand acceleration of financial, economic inclusion

By Gabriel Ewepu

ABUJA – THE Federal Government, Tuesday, assured savings groups support and financial inclusion to boost economic growth and development and lift Nigerians out of poverty.

The assurance was made by the Vice President, Senator Kashim Shettima, in an address titled ‘The Role of Savings Groups in Fostering Financial and Economic Inclusion in Nigeria’ as the Special Guest of Honour, at the opening ceremony of a two-day National Savings Group Conference with the theme ‘Accelerating Financial and Economic Inclusion: The Pivotal Role of Savings Groups in Nigeria’ which was organized by CARE Nigeria and the Savings Groups Implementers Platform, SGIP, which brought various stakeholders including ActionAid Nigeria, Oxfam in Nigeria, Plan International, World Bank, USAID, Food and Agriculture Organization, Mercy Corps, Christian Aid, GAIN, GIZ, and others.

Representative of the Vice President, Technical Advisor to the President on Financial Inclusion, Dr Nuruddeen Zauro, acknowledged that 25 per cent of Nigerians are financially excluded, while 36 per cent are currently unbanked.

According to him, most Nigerians are financially excluded due to economic downturn, insecurity, and other factors in the country, but the Tinubu-led administration is working hard to add value to their lives.

Zauro said, “We know that we came on board there were quite a lot of challenges that we met, and at that point, as it is today, based on that report, 25 per cent of Nigerians are financially excluded, and again we have 36 per cent also of Nigerians that are currently unbanked, meaning that 10 per cent of that are from the informal sector.

“Based on the record we also have many Nigerians that are multi-dimensionally poor, also coupled with the global shocks right from the period of the economic downturn.

“We are very lucky to have the President and Vice President who are people that understand these languages very clearly and the two things we are talking about here today, which are the savings group and how do we make them impactful in terms of policies and programmes we are rolling out in the country.

“The simple thing here is that the ‘Renewed Hope Agenda’ of President Bola Ahmed Tinubu, plays a very important role in financial inclusion, and there are a lot of initiatives being rolled out to ensure that these savings groups are supported under this administration.

“Additional support is being rolled out to ensure that this bloc of savings and the likes, especially, we call last-mile are being actually supported under this administration. The Credit system is being implemented to enhance this bloc, which is the lower kind of the ladder for them to have access because the President is so passionate about credit economy, so is in the light of that the presidency now created an office of the Technical Adviser to the President on Financial Inclusion.

“We are open for discussion, advice and for you to even challenge us so that you make us do better because we know we are here because of the importance of these vulnerable groups, especially the savings group, their efforts to be able to bounce back to their economic landscape of the country has been a very fantastic one because when they are doing all these kind of initiatives they will be economically empowered and be busy doing economic activities, and in that they will not have the time to go into all these anomalies including insecurity.

“From the government side we are now thinking there is need for that alignment between the fiscal side as well as the monetary side because in the implementation of the financial inclusion structure we currently do is the implementation of financial inclusion implementation strategy. We are thinking of the alignment within the various sectors.”

Earlier, in a welcome address, the Country Director, CARE Nigeria, Dr Husaaini Abdu, highlighted essence of the conference, which is basically to look into reviewing the current state of savings groups in Nigeria; Advocating for policy and regulatory reforms; Sharing best practices and success stories; and providing a networking platform.

“Collaborative endeavour marks a pivotal moment in our collective commitment to accelerating financial and economic inclusion in Nigeria, with a spotlight on the indispensable role of savings groups.

“Under the theme, ‘Accelerating Financial and Economic Inclusion: The Pivotal Role of Savings Groups in Nigeria’, we convene today with a shared purpose –to assess, advocate, innovate, and collaborate towards advancing the cause of financial empowerment and inclusion, particularly for women, through the dynamic vehicle of savings groups.

“Collaboration is the cornerstone of sustainable development. Therefore, this conference is a vibrant networking platform, fostering dialogue and partnerships among savings groups, financial institutions, and relevant stakeholders. Together, we can amplify our impact and drive positive change.

“Access to financial services and participation in savings groups can have a transformative impact on women. It can lead to increased autonomy, better decision-making power, and improved well-being for themselves and their families.

“Saving money and having financial inclusion are potent tools that can help advance women’s economic empowerment, promote social justice, and reduce poverty. By ensuring equal access to financial services and opportunities, we can unlock the full potential of women as agents of change and catalysts for sustainable development. Policymakers, financial institutions, civil society organisations, and other stakeholders must work together to create an enabling environment that empowers women economically and fosters inclusive growth for all.

“As we begin this transformative journey in the coming days, let us remain unwavering in our commitment, open-minded in our discussions, and determined in our actions.

“Together, we have the power to create significant change and shape a future where financial inclusion is limitless.

“Let us seize this momentous opportunity to ignite a wave of transformation across Nigeria’s savings group landscape”, Abdu said.