The Federal Government is targeting the attainment of 80 per cent financial inclusion by year 2020.
The Central Bank of Nigeria (CBN) governor, Mr Godwin Emefiele slated this at the signing of a memorandum of understanding (MoU) between the bank and the Nigerian Communications Commission (NCC) on payment systems in the country in Abuja.
He described the document drafted by a committee with representations from both organisations as a landmark development towards driving the payment system in the country, reducing cash transaction and enhancing cashless operations, saying it would also help to facilitate financial inclusion and drive a more robust payment system.
He said: “I am very delighted because today with this signing, we are now very sure and certain that we will very easily improve the level of financial inclusion from the level it is today which is about 48 per cent and we set a target for ourselves that by 2020 which is in three years or below that the level of financial inclusion should increase to 80 per cent.
“I can assure everybody that with this signing it provides framework for licensing of payment service provider and is a framework that will also guide the working of those who are stakeholders both in the banking industry as well as the telecommunication industry not just mobile payment but the payment system in Nigeria.”
Earlier, the executive vice chairman of Nigerian Communications Commission (NCC), Prof. Umar Danbatta, said the MoU took serious cognizance of very crucial areas of collaboration between the two important regulators with respect to financial inclusion strategy already being driven by the CBN, pointing out that the strategy provided responsibilities of the two organisations towards the achievement of government’s objective on payment systems, including but not limited to mobile money services.
Saying the MoU was drafted by a committee made up of representations from the NCC and the CBN, he averred that with the signing of the MoU, the two organisations had indicated commitment towards driving the financial inclusion in the country as well as ensuring improvement in the money mobile penetration.