Expert Hails Emefiele, Says CBN Governor Has Revolutionised Financial Inclusion in Nigeria
- Finance expert, Monsuru Arilesere, has hailed the policies of Godwin Emefiele in the Central Bank of Nigeria
- According to Arilesere, Emefiele's policies have helped to restructure financial inclusion in the country
- The expert also stated that the reforms of the apex bank chief have also enhanced cash management in the money market sector
FCT, Abuja - Godwin Emefiele, the Central Bank of Nigeria (CBN) governor, has been commended for his reforms to ensure financial inclusion in the country.
The commendation was made by Monsuru Arilesere, a finance expert, in a statement seen by Legit.ng on Friday, April 1.
Source: Twitter
Recently, the CBN introduced cash collection centres called Bank Neutral Cash Hubs (BNCH).
The apex bank noted that the hubs are to be established by registered processing companies or deposit money banks based on business needs.
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A CBN police guideline further stated that the BNCHs would provide a platform for customers to make cash deposits and receive value irrespective of the bank with which their account is domiciled.
They will also be located in areas with high volumes of commercial activities and cash transactions.
The guideline for the policy reads:
“The key objective of setting up Bank Neutral Cash Hubs (BNCH) is to reduce the risks and cost borne by banks, merchants, and huge cash handlers in the course of cash management activities; deepen financial inclusion; leverage on shared services to enhance cash management efficiency.”
Ariselere stated that Emefiele's CBN had been encouraged by the positive development the bank had achieved in that area, which included, in collaboration with stakeholders, the launching of the National Financial Inclusion Strategy on 23rd October 2012.
He said the strategy's aim is to further reduce the exclusion rate to 20 percent by the end of 2020.
His words:
“Specifically, adult Nigerians with access to payment services increased from 21.6 percent in 2010 to 70 percent in 2020, while those with access to savings increased from 24.0 percent to 60 percent; and credit from 2 percent to 40 percent; insurance from 1 percent to 40 percent; and pensions from 5 percent to 40 percent, within the same period.
“The channels for delivering inclusive financial services were equally targeted for improvement by the CBN. Commercial bank branches increased from 6.8 units per 100,000 adults in 2010 to 7.6 units per 100,000 adults in 2020, while microfinance bank branches increased from 2.9 units to 5.5 units within the same period.
“Automated Teller Machines (ATMs) were targeted to increase from 11.8 units to 203.6 units and Point of Sale (POS) units reached 850 from 13.3 units in 2020. Mobile agents, which were nonexistent in 2010, reached 62 units, all per 100,000 adults between 2010 and 2020.
“The financial inclusion measures pursued by Emefiele have led to increased access to loans by account owners and the loans have been invested in new businesses and employment which, in turn, have resulted in higher income, improved household consumption, better health, and better participation in the decision-making making process.
“Another impact of Emefiele's financial inclusion is that it has increased savings. More people now secure their earnings, build working capital for their businesses, earn interest income and meet emergency and major needs, such as paying school fees, purchasing and developing land, and engaging in familial and social engagements.
“Also, peoples’ funds are better secured with insurance protection against unexpected situations. Access to electronic payment and mobile money platforms has also reduced transaction costs for both businesses and customers, as well as increased volume of remittances.
“Indeed, Goodwin Emefiele has revolutionised financial inclusion in Nigeria.”
Expert Reveals How Emefiele Initiated Security Interventions Through CBN
Recall that Stanley Ebube, an expert in public affairs, recently said Emefiele has been at the forefront of the significant amount of resources so far expended to push back violent extremism and other forms of criminalities in Nigeria.
Ebube made this known in a statement he sent to journalists in the Federal Capital Territory, Abuja on Thursday, March 3.
He said Emefiele's strong determination to ensure that resources designated to the fight against insurgency and other criminal activities move seamlessly is partly due to the fact that he has been a direct victim of the dangerous effect of insecurity.
Young Professionals Laud Emefiele for Supporting Youth Entrepreneurship
On its part, the Nigerian Young Professionals Forum (NYPF), has lauded Emefiele for supporting the development of human capacity, especially among young people in the Niger Delta region.
Speaking to journalists on the sidelines of the 2nd Niger Delta MSME Summit held in Asaba, Delta state recently, chairman of the NYPF and convener of the summit, Moses Siloko Siasia, appreciated the support given to ensure the success of the summit by Emefiele.
He stressed that the CBN governor who is from Delta state has been relentless in promoting human capacity building and creating purposeful opportunities for young people in the Niger Delta and Nigeria at large.
Source: Legit.ng
