NFIS
CBN: Nigeria far from financial inclusion target
A report by the Central Bank of Nigeria and the Enhancing Financial Innovation & Access has said that Nigeria is far from achieving its financial inclusion target in 2020. The CBN disclosed this in the report titled ‘Assessment of women’s financial inclusion in Nigeria’ for December 2019 period which was released on Monday. Part of the report read, “Not surprisingly, financial exclusion stands at 36 per cent for women and 24 per cent for men. “The relative gender gap related to financial inclusion is ~20-30 per cent, placing Nigeria below its peers. “Since 2012, although women’s exclusion has dropped, the gender gap has grown, revealing that men’s inclusion has improved more rapidly than women’s. “The National Financial Inclusion Strategy was launched in 2012 to reduce financial exclus...
Central bank grants 9mobile service payment bank license
9PSB (Payment Service Bank), a subsidiary of 9mobile, says it has been granted approval by the Central Bank of Nigeria (CBN) to commence operations in the country. 9mobile, in a statement on Saturday, said that its *990# payment service banking platform would help drive financial inclusion in Nigeria’s ecosystem. It said that CBN’s approval to 9PSB would also save bank customers from long queues in banking halls, consistent network failure, stringent documentations to access credit facilities and frequent transaction/dispensing error, among others. Speaking on 9PSB’s entrance into Nigeria’s financial sector, 9mobile Chief Executive Officer, Alan Sinfield, said there was a huge potential in the market and 9PSB was strategically positioned to expand its operations into financial services. “W...
