The Central Bank of Nigeria (CBN) and the Bill and Melinda Gates Foundation (BMGF) have held strategic discussions on how to collaborate to deepen financial inclusion in Nigeria.
Speaking during the meeting, the Acting Governor of the CBN, Folashodun Shonubi, reiterated the commitment of the apex bank to continually partner with BMGF and other development partners to explore innovative solutions for driving access to finance.
Shonubi, who was accompanied by the Deputy Governor, Financial System Stability (FSS), Aishah Ahmad, said although 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.
Consequently, he called for greater partnership between the Bank and the BMGF on this important issue.
The co-chair of the Bill and Melinda Gates Foundation, Bill 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.
Noting that there were still challenges and gaps, Gates expressed optimism that the country would witness better outcomes given the new economic and monetary policies currently in place in Nigeria.
The BMGF, Gates said, 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, he said, 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.
Gates was accompanied at the meeting by the President, Global Development, BMGF, Christopher Elias, and the Senior Programme Officer, BMGF, Abi Jagun, while the CBN team was made up the Director Development Finance, Philip Yila Yusuf, and Head Financial Inclusion, Paul Oluikpe.
