Financial inclusion: CBN sets fresh targets for banks

 Central Bank of Nigeria, CBN, has set state-by-state targets for the 21 commercial banks and 942 micro finance banks in the country to ensure that every Nigerian adult has access to financial services. Mrs Elizabeth Agu, the CBN Branch Controller, Federal Capital Territory, made this known yesterday in Abuja at the inauguration of the Financial Inclusion State Steering Committee, FISSCO. She said CBN had broken down the target state-by-state “to ensure that the masses and people at the grassroots have access to financial services such as payments, savings, credit, insurance and pension.” Acording to her, target for banks was set because the CBN planned to achieve 80 per cent financial inclusion by 2020, yet two years to the deadline, the country had only achieved 41.6 per cent. Agu said that the newly inaugurated FISSCO, which would be responsible for ensuring that the targets were achieved at the grassroots in the FCT, would be chaired by FCT CBN Branch Controller. Meanwhile, Mr Christian Ohaa, the Permanent Secretary, Federal Capital Territory Administration, pledged to work with the CBN to ensure that the target set for the FCT was achieved.