For Central Bank of Nigeria [CBN] to achieve its 2020 financial inclusion strategy there must be effective synergy between the public and private sectors.
This was the position of the CEO of Innovectives, Emmanuel Agha during a forum organised by Guardian newspaper in Lagos yesterday.
The Fintech expert stated that the effort at meeting the target is still low; as such the public and private sectors must collaborate to expand financial services to the underserved and unbanked.
While also urging the stakeholders and other resource persons at the event to expedite actions on deepening financial inclusion, Agha noted that the flexibility of the entire process and collaboration among players would be vital to achieving 80 per cent target for 2020 and subsequent targets.
According to the EFInA boss, 36.6 million adults are currently excluded, with 78.5 per cent residing in rural areas, while 21.5 per cent are in the urban places.
He advised the operators to also consider languages in deepening financial inclusion; pointing out that about 15 per cent of financially excluded adults could not read any language comfortably.
He said, “It is a national thing. Everybody should be involved, especially the Federal Government.”
He maintained that collaborative effort, coupled with accelerated investments in infrastructure would guarantee inclusive growth.