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The Nigeria Deposit Insurance Corporation (NDIC) is seeking wider industry collaboration, banking sector in particular, the toward addressing challenges of financial inclusion expansion in the country.
Dr Sunday Oluyemi, its Director of Communication and Public Affairs Department, made the call during the recent workshop for business editors and Finance Correspondents Association of Nigeria (FICAN) in Yola, Adamawa State.
Oluyemi said addressing the challenges would help the country achieve its Vision 2020 target of reducing financial exclusion level to 20 per cent.
He also noted that financial literacy was key to achieving financial inclusion. According to him, financial inclusion can help in reducing poverty, broaden wealth creation and social equality in the country.
“In achieving the 2020 target, it requires the concerted efforts of stakeholders, especially banks, to tackle the challenges of financial inclusion as we navigate towards the ideals of Vision 2020.
“Enhanced financial literacy is key to financial inclusion. There is no way you can talk about financial inclusion without financial literacy.
“If people are not literate enough to take informed decisions, you cannot be talking of financial inclusion.
“When you have 80 per cent of the people included in the system, making informed decisions with respect to financial system and patronising the system, the system will be better.
“Banks, fintech and other financial institutions are overwhelming customers with several financial opportunities,’’ he said.
He appealed to the media to assist in financial information dissemination to the public to close the gap of adult financial exclusion in the country.
