CBN: Over 64% of Nigerians Have Access to Financial Services

Adedayo Akinwale in Abuja 

The Governor of Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has revealed that over 64 per cent of Nigerians have access to formal financial services, adding that the vision is to increase it to 95 per cent.

Cardoso disclosed this Tuesday in Abuja at the lecture and launch of a book titled ‘Cowries to Cashless’, which coincided with the 65th anniversary of the apex bank.

Cardoso, who was represented by the Director of Banking Supervision, Mr. Mustapha Haruna, noted that the country was going through economic challenges  occasioned by a number of macroeconomic issues, adding that these could link to some of the lingering impact of the COVID-19 pandemic and the ongoing Russia-Ukraine war.

He said he believed that the book would eloquently capture the evolutionary journey in the history of the CBN, adding that he  expected a number of landmark developments — especially from the use of cowries to manillas and to the more contemporary and modern era of cashless options.

The CBN Governor stressed the journey of the apex bank particularly with regards to the phenomenal transformation of the Nigerian payment system in the last two or three decades. 

This transformation, Cardoso noted, has been deepened by the implementation of the cashless policy.

His words: “One of our strategic priorities in this effort is to foster financial inclusion and I’m very sure you will also relate to the progress we have  made based on the current numbers.

“We have financial inclusion in the neighborhood of about 64 per cent. Over 64 per cent of Nigerians have access to formal financial services. Our vision is to push the boundaries and we are well on course in achieving that objective.”

Cardoso assured Nigerians that the CBN would continue to collaborate with the key stakeholders, particularly the fiscal authorities to ensure that it addressed a number of the essential issues and challenges that we currently face.