The Central Bank of Nigeria and other stakeholders intend to implement a National Financial Inclusion Strategy to decrease the number of Nigerians that are excluded from financial services from 46.3% to 20.0% by 2020 as committed to in the Maya Declaration. The number of Nigerians that are included in the formal sectors hall increase from 30.0% in 2010 to 70.0% by the year 2020.
This goal will be pursued through a broad range of coordinated interventions, such as a transformation of the existing uniform Know-Your-Customer (KYC) regulation, an articulation and implementation of a Regulatory Framework for Agent Banking to enable financial institutions to bring banking services to the currently unbanked in all parts of the country, and a definition and implementation of a National Financial Literacy Framework.
This document 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