The Central Bank of Nigeria (CBN) and the Bill and Melinda Gates Foundation (BMGF) have held strategic discussions on how to collaboration to further deepen financial inclusion in Nigeria.
Speaking during the meeting on Thursday in Abuja, the apex bank’s Acting Governor, Mr. Folashodun Shonubi, reiterated the commitment of the CBN to continually partner with BMGF and other development partners to explore innovative solutions for driving access to finance.
Shonubi, who was accompanied by the Deputy Governor, Financial System Stability (FSS), Mrs. Aishah Ahmad, disclosed that though much progress had been made in various aspects of financial inclusion, some challenges still remained in attaining the desired level of financial inclusion in the country.
He, therefore, stressed the need for strengthening the partnership between the bank and the BMGF as a strategic step towards further deepening financial inclusion in Nigeria/
In his remarks, the co-chair of the Bill and Melinda Gates Foundation, Mr. Bill Gates, highlighted the foundation’s focus areas for continued engagement in Nigeria to include health, agriculture and financial services.
He expressed satisfaction that support from his organization was catalyzing developmental action in Nigeria.
Noting that there were still challenges and gaps, Mr. Gates expressed optimism that the country would witness better outcomes given the new economic and monetary policies being implemented by the Nigerian government.
The BMGF has supported financial inclusion in Nigeria since 2012 and has been a strategic partner of the CBN in driving innovation to reach excluded segments of Nigeria’s population with financial products and services.
The partnership has brought about strategic initiatives such as the Nigeria Financial Services Maps, a gateway for geospatial mapping of access points, the development of the National Financial Inclusion Strategy in 2012 and a revision in 2018, research into financial exclusion, scoping of digital financial services in Nigeria, and many more activities that help accelerate access to financial services.
While Mr. Gates had Christopher Elias, President, Global Development of the BMGF; and the Foundation’s Senior Programme Officer, Abi Jagun, as part of his team at the meeting, the Acting Governor of the apex bank had the Director Development Finance, Mr. Philip Yila Yusuf; and Head Financial Inclusion, Dr. Paul Oluikpe, also in his team.
