The Governor of the Central Bank of Nigeria (CBN) Mr. Godwin Emefiele Monday said Nigeria has a high rate of financial exclusion among its peers in the sub-saharan Africa.
Emefiele made this known in a keynote address at the launch of the SabiMONI
E-learning platform in Abuja.
He said, “The EFInA Access to Finance Report indicated that Nigeria has a high rate of financial exclusion when compared to its peers in the Sub-Saharan Africa (EFInA A2F 2020). It also identified low
awareness levels or low financial literacy levels as constituting a major barrier to financial inclusion in Nigeria.
Earlier in her welcome address Director of Consumer Protection, Central Bank of Nigeria, Mrs. Rashida J. Monguno, pointed out that financial literacy remains a key driver of financial inclusion globally.
“It encompasses knowledge and skills that enable an individual to effectively manage
financial resources to enhance their economic well-being. But it also includes trust,
confidence, and participation in the formal financial system. Financially literate
consumers are always able to make better financial decisions. This is a catalyst for
greater financial inclusion and stability of the financial system.”
Mrs. Monguno said, “The SabiMONI was conceived of as an avenue for driving financial education amongst the target segment of the Nigerian population that would facilitate financial education programs for end beneficiaries. It will also support efforts at enhancing financial inclusion through digitalisation.
