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  • Updated: April 25, 2024

FG to include 20% of unbanked Nigerians in financial system

FG to include 20% of unbanked Nigerians in financial system

The Federal Government has revealed plans to integrate over 20 per cent of unbanked Nigerians into the banking system.

Kashim Shettima, Vice President of Nigeria disclosed this at the beginning of a two-day National Stakeholders’ Workshop on Economic and Financial Inclusion in Abuja on Thursday.

Shettima stated that currently, over 20 percent of Nigerians are financially excluded.

According to him, the government is targeting to reduce this figure to a minimum of five percent.

Addressing the workshop, the 14th Emir of Kano and former Governor of the Central Bank, Sanusi Lamido, attributed banditry and other security challenges in Nigeria to financial exclusion, particularly among rural dwellers who lack access to efficient payment systems.

The workshop, which brings together experts from various sectors including the Central Bank Governor, Olayemi Cardoso, traditional rulers, and private sector players, aimed to explore strategies for integrating the unbanked Nigerian population into the formal financial system.

 

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