Naira Exchange Could Impact 54.2% Unbanked Negatively – Report Business
Head of the Inclusion for all Initiative, Chinasa Collins-Ogbuo said: “while we commend the Central Bank for its commitment to the digitisation of Nigeria’s financial services sector, we have to design policy to ensure that it is suitable for the most vulnerable parts of society.“According to the 2020 EFInA Access to Finance Survey, there are more than 38 million Nigerians without a bank account, and our research indicates that more than 50 per cent of these people prefer to save in cash.
Unbanked Nigerians face a range of barriers to enter the financial system, from access to identity, a lack of proximity to financial access points and a lack of trust in the system.“These barriers must be considered and addressed in the naira redesign process if we are to ensure that this process supports financial inclusion, and does not further marginalise already vulnerable communities.”
Speaking on the Inclusion for all podcast on the naira redesign, Associate Dean, Lagos Business School, Professor Yinka David-West, said: “from the supply side, we need to ask, ‘Is this a push or pull initiative?’ I will compare the naira redesign to the NIN registration, which was a push directive. All that is required is linking the NIN to a SIM and BVN to facilitate bank transactions.
“Many Nigerians treasure their phones more than their bank accounts. How can we incorporate seamless banking to fit the lifestyle of Nigerians? Through the naira redesign, the CBN is promoting a cashless system with secure and seamless transactions as a means to facilitate financial inclusion.” Inclusion for all initiative is an advocacy programme that seeks to deepen knowledge and understand the impact of exclusion on marginalised communities.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
New Naira Notes: Compliance Low In Akwa IbomAhead of the January 31, 2023 deadline day for banks to stop dispensing the old noted, the Central Bank of Nigeria (CBN) team, who monitored the
Read more »
New naira deadline: CBN monitors compliance in A'IbomThe Central Bank of Nigeria has begun moves aimed at ensuring that banks in the country keep to the January 31 deadline for the circulation of old notes throughout the country.
Read more »
Newspaper Headlines: Bank ATMs still dispensing old naira notes despite CBN directive | TheCableReports on the lingering petrol scarcity and hike in the price of the product dominated the cover pages of Nigerian newspapers.
Read more »
New naira: Why Borno can't beat deadline - Zulum - Punch NewspapersThe most widely read newspaper in Nigeria
Read more »
Banks to pay N1m fine daily over failure to collect redesigned naira notes, says CBN | TheCableThe Central Bank of Nigeria (CBN) says any commercial bank that fails to pay the new naira notes to customers will be fined N1 million daily.
Read more »
CBN Steps up Nationwide Sensitisation on New Naira Notes – THISDAYLIVE
Read more »