Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has emphasised that empowering Nigerians to save, invest, and achieve economic success is essential for reducing poverty and promoting economic growth.
Gatekeepers News reports that in a recent statement on X, Cardoso highlighted his participation in the 2nd International Finance Inclusion Conference (IFIC) held in Lagos, Southwest Nigeria.
“Financial inclusion is not just a goal; it is key to poverty reduction, income equality, and economic growth,” the CBN governor said.
“For Nigeria, this means empowering citizens to save, invest, and thrive economically.”
Cardoso also said women are essential to Nigeria’s economic growth, however they face financial exclusion.
“When women thrive financially, they uplift families and communities,” he said.
“The CBN is committed to closing this gap, offering support for women and youth to achieve financial independence and drive economic growth.”
He pledged to reduce barriers and make finance accessible to all, adding that “by reaching the unbanked, we are building a resilient, $1 trillion economy”.
The CBN outlined Nigeria’s progress in financial inclusion, driven by robust policies, digital innovations, and financial literacy initiatives aimed at empowering young Nigerians. These efforts are designed to help individuals attain financial independence, encourage entrepreneurship, and stimulate economic development.
Philip Ikeazor, the CBN’s Deputy Governor for financial system stability, underscored the need for enhanced collaboration among government bodies, the private sector, financial technology (FinTech) companies, and civil society to reach the target of 95 percent financial inclusion by 2024.
Ikeazor noted that Nigeria’s dedication to the ‘Maya Declaration’—a global initiative focusing on responsible and sustainable financial inclusion—has significantly advanced financial access.
He added that since the implementation of the national financial inclusion strategy in 2012, the rate of adult exclusion from financial services has decreased from 46.3 percent in 2010 to 26 percent in 2023.
