By Kenneth Ehigiator
Central Bank governor, Mallam Sanusi Lamido Sanusi, has said economic growth would be achieved at a faster rate, if all segments of the population had access to financial services.

Mallam Sanusi made the observation in his keynote address at an innovation forum on Global Perspective on Financial Inclusion Enhancing Financial Innovation and Access, organised by Enhancing Financial Innovation & Access (EFInA).

The Central Bank governor, who was represented by CBN Deputy governor, Financial System Stability, Dr. Kingsley Moghalu, also noted that financial inclusion goes beyond offering micro-finance services.

“Financial inclusion goes well beyond microfinance and the CBN is committed in ensuring financial services providers work more effectively to drive the strategic imperative of financial inclusion going forward,” he said.

He commended EFInA for its efforts in providing data on the financial sector which complements efforts of the apex bank on statistical and research related matters.

The CBN, Mallam Sanusi added, would work closely with EFInA to promote financial inclusion in Nigeria.
Also speaking at the forum, Assistant Director, Banking Services of the Central Bank of Kenya, Stephen Ndauti, said economic growth rate would be achieved with much ease, if the geographical outreach of the financial system was expanded to include all segments of the population.

His counterpart from Columbia, Carlos Moya, noted that through the use of non-banking agents, saying “the key to the success of creating a financially inclusive system is an enabling regulatory environment that supports innovation.”

Columbia had increased its banked population from 47% to 63% between 2006 and 2010.
“There are currently over 9,000 agents and the value of transactions through these agents during this period was US $4.7 billion,” Moya stated.

Chief Executive Officer of EFInA, Modupe Ladipo, said at the forum:  ‘The results of the 2010 survey showed that 39.2 million Nigerians representing 46.3% of the adult population are financially excluded. Only 25.4 million Nigerians are banked representing 30% of the adult population. The unbanked adult population dropped from 79% in 2008 to 70 % in 2010.

“One of the biggest hurdles to improving access to retail financial services is the absence of relevant and reliable data and analysis about how individuals and households manage their finances. The EFInA Access to Financial Services in Nigeria 2010 Survey serves to bridge that gap and demonstrate the opportunities to extend financial services to the unbanked and under-banked low income segment.”