The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has reinforced his commitment to expanding financial inclusion as part of Nigeria’s broader economic transformation agenda. Speaking at the 2024 International Financial Inclusion Conference (IFIC) held in Lagos, Cardoso unveiled critical strategies, including the ongoing bank recapitalization program, to ensure greater access to financial services for underserved populations.
Cardoso highlighted the importance of the bank recapitalization initiative, which mandates new minimum capital requirements of N500 billion, N200 billion, and N50 billion for banks with international, national, and regional licenses, respectively. The exercise, which began in April 2024 and will run through March 2026, is designed to strengthen banks’ capacity to provide loans and financial products to Micro, Small, and Medium Enterprises (MSMEs), rural communities, and other vulnerable groups.
“These measures will not only bolster financial stability but also enable banks to invest in technology and innovation, crucial for advancing digital financial services such as mobile money and agent banking,” Cardoso remarked, emphasizing that digital platforms are vital for bridging geographic and economic barriers.
At IFIC, the CBN introduced targeted initiatives such as the Women Financial Inclusion Dashboard and Women Entrepreneurs Finance Code. These programs aim to reduce gender disparities by enhancing access to credit, savings, and insurance for women. Cardoso emphasized that financially empowered women contribute significantly to community development and economic growth.
Furthermore, the conference addressed the pivotal role of youth in Nigeria’s financial ecosystem. Cardoso underscored the importance of equipping young Nigerians with financial literacy tools to foster informed decision-making and long-term economic independence.
Cardoso reiterated the link between financial inclusion and Nigeria’s economic growth, noting that SMEs, responsible for over 80% of national employment, stand to benefit immensely from improved credit access. He also highlighted the role of digital payment platforms in democratizing financial services, leveraging Nigeria’s expanding mobile penetration to reach remote areas.
Since the launch of the National Financial Inclusion Strategy (NFIS) in 2012, the CBN has worked closely with stakeholders to ensure access to affordable financial services across Nigeria. These efforts have been instrumental in driving inclusive growth and fostering a sustainable economic environment.
The 2024 International Financial Inclusion Conference reaffirmed CBN’s resolve to surpass financial inclusion targets. Cardoso’s vision aligns with leveraging robust policies, technological innovation, and collaborative frameworks to ensure that every Nigerian can participate meaningfully in the financial ecosystem, ultimately driving national prosperity.
