National Financial Inclusion Strategy

This document presents the National Financial Inclusion Strategy (the Strategy) developed by the Central Bank of Nigeria and other stakeholders. The Strategy aims to decrease financial exclusion in Nigeria from 46.3% to 20.0% by 2020 as committed to in the Maya Declaration.Key initiatives in the Strategy include a tiered approach to Know your Customer (KYC), agent banking, mobile payment, cash-less policy, financial literacy framework, consumer protection, and implementation of credit enhancement schemes and programs. The Strategy also sets specific targets for payments, savings, credit, insurance, pension, branches of deposit banks and microfinance banks, ATMs, Point of Sale devices, banking agents, as well as for youth and women. It identifies stakeholders and outlines their roles and responsibilities. The document discusses:

• Definition of financial inclusion;
• Stakeholders in the Strategy and the rationale for their participation;
• Status of financial inclusion in Nigeria;
• International benchmarking;
• Barriers to financial inclusion;
• Targets for the National Financial Inclusion Strategy;
• Strategies for achieving financial inclusion targets;
• Implications for regulation and policy in Nigeria;
• Monitoring and evaluation;
• Organizational framework for institutionalization of the National Financial Inclusion Strategy.