CBN to Attain 85% Financial Inclusion Target, Says Emefiele

James Emejo

The Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, yesterday expressed optimism that the bank would achieve the 85 per cent financial inclusion target which is currently at about 70 per cent.

Addressing a delegation of Executive Directors from the Bank of Uganda, who were on an experience sharing tour of the CBN’s Central Bank Digital Currency (CBDC) project, Emefiele said the apex bank remained committed to accelerating the rate at which those who were financially excluded could come into the formal banking sector.

He also expressed satisfaction that the country’s CBDC, known as the eNaira, had recorded some level of success judging by the rate of integration and security features.

The CBN governor said the CBDC would enhance the relationship between mobile banking and e-business and speed up the rate of financial inclusion.

He pointed out that the interest the eNaira continued to attract from other countries and multinational bodies including the International Monetary Fund (IMF) and the World Bank, underscored the level and quality of work the CBN had put into the project.

However, Emefiele said Nigeria is currently a case study to other climes, being the first country in Africa to launch its CBDC.

He added that the country was treading cautiously to ensure it sustains the successes recorded so far.

Emefiele, also told the visiting team that the country had deepened its payment system infrastructure, which is ranked among the best in the world.

The CBN governor paid tribute to his predecessor, Sanusi Lamido Sanusi, for laying the foundation upon which the country’s current payments system was built.

Specifically, he recalled that Sanusi, as then CBN Governor, appointment him chairman of the sub-committee of the Bankers’ Committee to lead the payments system drive in 2012.

He said the move paved the way for innovative ideas that eventually led to the creation of the eNaira.

Emefiele, therefore charged the Executive Directors (Deputy Governors equivalent) of the Bank of Uganda to strive to strengthen their country’s payment system, noting that a strong payment system remained the bedrock for the successful take-off of a Central Bank Digital Currency (CBDC).