Central Bank of Nigeria - Financial Inclusion Strategy 2013

The Central Bank of Nigeria (CBN) and other stakeholders intend to implement a National Financial Inclusion Strategy that will reduce the percentage of adult Nigerians that are excluded from financial services from 46.3% in 2010 to 20% by 2020. The number of Nigerians included in the formal sector will increase from 36.3% in 2010 to 70% by 2020. This goal will be pursued through a broad range of coordinated interventions, with high priority on actions such as, a transformation of existing Know Your Customer (KYC) regulations, development and implementation of a regulatory framework for agent banking, and development and implementation of a national financial literacy framework. This Report presents the following:
1. Definition of Financial Inclusion
2. Stakeholders in the Strategy and the Rationale for Their Participation
3. Status of Financial Inclusion in Nigeria
4. International Bench Marking on Financial Inclusion
5. Barriers to Financial Inclusion
6. Targets for the National Financial Inclusion Strategy
7. Strategies for Achieving the Financial Inclusion Targets
8. Implications for Regulation and Policy in Nigeria
9. Monitoring and Evaluation
10. Organizational Framework for Institutionalization of the National Financial Inclusion Strategy

Document Details

Document Type: 
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Year of Document: 
2013
Date of Document: 
Thursday, August 1, 2013
Document Authors: 
Central Bank of Nigeria
Language (This Document): 
English

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