Government is making efforts to reach out to the unserved in the financial ecosystem. This was made known at this year’s 19th edition of the Digital Pay Expo Victoria Island Lagos, organized by INTERMARC. The theme ”FinClusion: Aligning Expectations With the Digital Financial Service(DFS) Business Case” was examined at length by several guest speakers.
A speaker at the event, Mrs Ronke Kuye, Managing Director, Shared Agent Network Expansion Facility (SANEF), an initiative of the CBN, gave a speech on how the Central Bank of Nigeria (CBN) would partner SANEF to reach an estimated 50 million financially excluded Nigerians in certain rural areas. By working with agents, an estimated 500,000 jobs would be created by 2020.
According to her, ”recent survey on Financial Inclusion in Nigeria revealed that 36.8% of the 99.6 million adult population are financially excluded as at December 2018 ”.
By engaging the provisions of the Digital Financial Service (DFS), SANEF an initiative of the Central Bank of Nigeria would enable an organized network of Financial service agents and stakeholders. She explained that establishing banks in such rural areas would be too expensive hence the need for agents who would achieve this by a framework that is dependent on a digital interface