NDIC mulls 80 per cent target for financial inclusion

 
The Nigeria Deposit Insurance Corporation (NDIC) says  lot has set up mechanism targeted at capturing 80% of its adult population in the formal financial services sector.
Director of Communication and Public Affairs Department of NDIC, Dr Sunday Oluyemi stated this at the 2019 Workshop for Business Editors and Finance Correspondents Association of Nigeria (FICAN) in Yola, Adamawa state. 

Oluyemi who also warned that banks and other stakeholders must always address challenges that hinder financial inclusion in the country, stressed that addressing the challenges would help the country to achieve its vision 2020 target of reducing financial exclusion level to 20 per cent.
According to him, financial literacy was important in achieving the target of 80 per cent financial inclusion. 

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He also said that inclusion can be delivered to the poor and unbanked people through different services providers that including  non-government organizations; – cooperatives;  community-based development institutions;  commercial and microfinance banks;  insurance and credit card companies;amongst others. 
Dr Oluyemi further noted that achieving financial inclusion requires access to and availability of financial services and banks are uniquely positioned to provide the financial services.
“Banks  are  well- placed  to  provide  financial education, as they provide their intermediation and redistribute funds from savers to those in need. They also provide customers and those in need with the necessary financial products.  Banks provide access to low-cost financial products that can be particularly valuable for “unbanked” (those that do not have bank accounts, ) and “underbanked” clients (those who have accounts but underutilize them)” he said.
” Connecting  financial  education  with  financial  products allows  all  individuals  to  become  fully  integrated  in  the traditional financial system, setting them on the path to wealth accumulation. Financial literacy programs can also create goodwill at the community level and strengthen relationships with local customers and community partners” he said.

The director maintained that the Nigerian Financial Inclusion Strategy (NFIS) is poised to increase access to a range of financial services such as access to a bank account backed by deposit insurance, payments, savings, pension, insurance and credit at an affordable cost to consumers.
“Nigeria, through its Maya Declaration is committed to reduce its rate of financial exclusion from 39.7% in 2012 to 20% of the population by 2020 through the implementation of seven key interventions:  Simplified KYC Framework  Agent Banking Regulatory Framework  National Financial Literacy Framework Consumer Protection Framework and others”