One of the compelling aspirations of the Federal Government and the Central Bank of Nigeria (CBN) in the last two years has been to ramp up the numbers for financial inclusion in the country. To this end, Nigeria’s apex bank, alongside other regulators in the financial services sector, including the National Pension Commission (PENCOM), has vigorously pursued the agenda of financial inclusion through various initiatives with a clear intent to bring millions of Nigerians, especially those in the informal sector and the unbanked, into the banked population. This ambition, which is not restricted to banking alone, cuts across the full continuum of financial services, ranging from bank accounts, insurance subscription, retirement savings account, and fund investments, among others.

Perhaps the bedrock and main enabler of recent improvements witnessed in the financial services sector in areas like customer experience and service quality, speed to market of financial products and services and quick turnaround time in processing financial transactions stems primarily from advancements in modern information and communications technology, investment in its adoption and integration. Leading financial services providers in the country, especially the Deposit Money Banks (DMOs) have all embraced innovations made available and possible by constantly evolving technology, in a bid to remain relevant, grow market share, expand footprints, do business profitably, stay ahead of the competition, and deliver more value to their customers and other critical stakeholders.

The major setback many experts have however cited as the bane of financial inclusion in Nigeria is the apparent distrust for financial services institutions and low literacy levels among Nigerians. Credit must be given to the Federal Ministry of Finance and the Central Bank of Nigeria for measures they have put in place to raise the bar on financial literacy in the country as a panacea to driving financial inclusion, although a lot more work is required if the low public confidence and trust in the financial services sector is to receive any boost. Executive Director, Personal and Business Banking, Stanbic IBTC Bank PLC, Mr. Babatunde Macaulay, said that financial inclusion is one issue that CBN is driving passionately and Stanbic IBTC and other banks are part of that drive.

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