The Central Bank of Nigeria (CBN) and the Bill and Melinda Gates Foundation (BMGF) have agreed to collaborate to deepen financial inclusion in Nigeria.
CBN acting governor Folashodun Shonubi, speaking during a meeting held on June 22, 2023, stressed the commitment of the CBN to continually partner with BMGF and other development partners to explore innovative solutions for driving access to finance.
Mr. Shonubi, who was accompanied by the CBN deputy governor, financial system stability (FSS), Aishah Ahmad, disclosed that though much progress had been made in various aspects of financial inclusion, some challenges still remained in attaining the desired level of financial inclusion in Nigeria. He, therefore, called for greater partnership between the bank and the BMGF.
In his remarks, the co-chair of the Bill and Melinda Gates Foundation, Mr. Gates highlighted the foundation’s focus areas for continued engagement in Nigeria to include health, agriculture and financial services.
Gates expressed satisfaction that support from his organisation was catalysing developmental action in Nigeria. While nothing that there were still challenges and gaps, he expressed optimism that the country would witness better outcomes given the new economic and monetary policies currently in place in Nigeria.
The BMGF has supported financial inclusion in Nigeria since 2012 and has been a strategic partner of the CBN in driving innovation to reach excluded segments of Nigeria’s population with financial products and services. The partnership has brought about strategic initiatives such as the Nigeria Financial Services Maps, a gateway for geospatial mapping of access points, the development of the National Financial Inclusion Strategy in 2012 and a revision in 2018, research into financial exclusion, scoping of digital financial services in Nigeria, and many more activities that help accelerate access to financial services.
While Gates was accompanied by the duo of Christopher Elias, president, global development, BMGF; and Abi Jagun, senior programme officer, BMGF, other members on the CBN team were Philip Yusuf, director development finance; and Paul Oluikpe, head financial inclusion.
