CBN seek to deepen consumer confidence with new policy documents

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The Central Bank of Nigeria (CBN), in its efforts to deepen financial literacy, will on January 17 and 18, launch key policy documents aimed at facilitating the attainment of the financial inclusion target of 80 per cent by 2020.

Policy documents to be unveiled at the conference expected to attract over 400 delegates are the Revised National Financial Inclusion Strategy (NFIS 2.0), the Financial Literacy Framework, the Consumer Protection Framework and the Consumer Education framework.

According to details obtained from the CBN, the conference also aims to ensure that newcomers into the financial inclusion bracket are adequately protected and educated in line with the provisions of the policy documents.

Other objectives of the two-day conference to be declared open by the CBN governor, Mr. Godwin Emefiele, are to update participants on the growing sophistication of the financial market, the competitive environment in which financial services providers operate, and the benefit and value of providing access to financial services among others. While hoping to enhance consumer confidence and trust in the financial services to facilitate progress towards achieving 80 per cent financial inclusion target by 2020, the CBN and other stakeholders also, seek to obtain customer feedback on how best to implement the financial inclusion policies.

Latest figures released by Enhancing Financial Innovation and Access (EFInA) indicate that 36.6 million Nigerian adults, representing about 36.8 per cent of the Nigerian adult population, do not have access to formal financial Services.

To achieve its financial inclusion target, Nigeria, through the National Financial Inclusion stakeholders seeks to cut the exclusion rate down to 20 per cent by the year 2020, hence various public and private organisations under the auspices of National Financial inclusion stakeholders have been working assiduously since the launch of the first National Financial Inclusion Strategy in 2012 to achieve the objective of 80 per cent inclusion by 2020.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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