CFAN Urges CBN To Include Housing In Financial Inclusion Drive

The Cooperative Financing Agency of Nigeria (CFAN) has appealed to the Central Bank of Nigeria (CBN) to include housing as part of its financial inclusion strategy.

The Executive Secretary and Chief Executive Officer of CFAN, Emmanuel Atama, made the appeal at the 6th CFAN summit in Abuja on Tuesday.

According to Atama, including housing in the financial inclusion drive of the CBN would help CFAN members in rural areas to have better access to housing and be financially included.

Atama said the summit was aimed at accessing how financial inclusion products could create jobs and wealth for a more secure living among the cooperative movement in the country.

The executive secretary listed the CBN’s financial inclusion products including savings, credit, pension, insurance and capital market.

“The summit will dwell on three major issues of housing, agriculture and Micro, Small and Medium Enterprises (MSMEs).

“The CBN should include housing in their financial inclusion drive.

“The way that monies are allocated to MSMEs, they should also consider housing,’’ he said.

Alhaji Sadeeq Abubakar, the President of CFAN, said the aim of the summit is to analyse the cooperative business environment with a view to addressing the challenges and prospects of the opportunities that abound in the economy.

Abubakar said the financial inclusion products and drive of the CBN had positively impacted members of CFAN.

Dr Paul Oluikpe, Head, Financial Inclusion of at CBN, said that stakeholders' collaboration is key to improving financial inclusion in the country.

The Managing Director of the Federal Mortgage Bank of Nigeria (FMBN), Madu Hamman, said the Cooperative Housing Development Loan (CHDL) of the bank provided construction funding for cooperatives registered under National Housing Fund (NHF).

Hamman, represented by his Special Assistant, Mr Dominic Agabi, said CFAN’s appeal for housing to be included as one of the financial inclusion strategies would help more cooperators access housing loans.