Farmers in the Anchor Borrowers Program receive N1 trillion from CBN.
By 2024, the Central Bank of Nigeria wants 95% of the population to be financially included.
Accordingly, the Federal Government has released five strategic policy studies in an effort to achieve the goal.
In the meantime, the Anchor Borrowers Program has seen N1.07 trillion distributed to farmers by the CBN. This was revealed in the bank’s communiqué no. 145, which was issued following the most recent meeting of the Monetary Policy Committee in Abuja.
The reports launched at the ongoing International Financial Inclusion Conference in Abuja on Thursday were: Revised National Financial Inclusion Strategy; National Strategy for Leveraging Agent Networks for Women’s Financial Inclusion; National Fintech Strategy and Nigeria Financial Services Maps (NFSMaps); and Payment System Vision 2025.
Major General Muhammadu Buhari (ret. ), President of Nigeria, stated at the occasion that his administration understood the importance of financial inclusion on economic growth and development and had created the necessary policy framework to produce the desired results.
The Federal Capital Territory Minister, Mohammed Bello, spoke on behalf of Buhari. He said: “For instance, in 2019, I launched the Micro Pension program, which was intended to increase pension penetration among M.S.M.E.s and the informal economy. We also started policies for collective investment and microinsurance. According to our national financial inclusion target, these efforts are designed to give underserved people access to a variety of financial goods and services.
According to the President, those involved in financial inclusion have been at the forefront of developing creative solutions to some of the most serious problems the nation is currently experiencing.
He pointed out that the Central Bank of Nigeria had released the Payment Service Bank regulatory framework in order to improve the number of access points to financial services in underserved areas of the nation.
According to him, the number of agent banking locations nationwide increased from 86,000 in 2018 to over 1.4 million in 2022 thanks to the Shared Agent Network Expansion Facility (SANEF).
He added that the introduction of the eNaira in October 2021 had given Nigeria the currency it needed for the digital economy in addition to putting it on the map of the world.
The CBN Governor, Godwin Emefiele, stated at the financial inclusion conference that 52.2 percent of Nigerian people were financially excluded in 2008, but that number has decreased to 35.9 percent by 2020.
The number, according to Emefiele, remained high in absolute terms, but it marked a significant increase over the nation’s standing in 2008.
He said, “This change did not happen by accident but as a result of the determined and concerted approach by National Financial Inclusion stakeholders to address key pain points and bottlenecks that were impeding financial inclusion.