Tuesday, March 2, 2021
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CBN will continue supporting financial service penetration – Emefiele

The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has said that the Bank would continue to support measures to deepen penetration of financial services in the country.

 

Emefiele said this in Lagos on Saturday while delivering a welcome address at the 9th Annual Bankers Committee Retreat, themed “Improving Financial Access, Enabling Job Creation and Driving Inclusive Growth in Nigeria”.

 

The CBN Governor said:

“This Bankers’ Committee Retreat is rightfully focusing on strategies to address current constraints in improving access to finance for the unbanked.

 

“It is also providing actionable steps that will be taken in order to ensure that they make meaningful contributions to Nigeria’s growth and development.

 

“The Retreat will also highlight and discuss key enablers for improving access to credit for MSMEs (Micro, Small and Medium Entreprises).”

 

Emefiele disclosed that the CBN partnered with stakeholders to develop agent banking guidelines in order to drive adoption of financial services. He explained that agent banking, through the provision of agents in undeserved areas, would encourage individuals who are unfamiliar with the banking system to participate in the financial sector.

 

According to him, the introduction of the Anchor Borrowers Programme with an investment of over N45 billion was a part of the measures, and had been effective in improving production by smallholder farmers of rice, maize and soyabeans.

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