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Emefiele Says CBN Concerned about the Unbanked

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Mr. Godwin Emefiele, Governor, Central Bank of Nigeria (CBN), said that financial education remains of great importance to the bank, until financial services becomes affordable to the un-banked in the society.

Emefiele, represented by CBN’s Director, Human Resources, Mr Edward Lamtek ,said this on Tuesday in Abuja at the Financial Literacy Summit to commemorate the 2017 Global Money Week, with the theme “Learn, Save, Earn’’.

Present at the summit were primary and junior secondary students from various public and private schools within the Federal Capital Territory.

He said that financial inclusion ensures that irrespective of income level, all individuals, households and businesses have access to appropriate and affordable financial services products.

“We are concerned about the level of financial inclusion because individuals and households lacking adequate access to affordable and convenient formal financial services would be severely constrained in participating fully in the economy.

“This will imply that the financial sector would be constrained in terms of expansion, as the disposable income in the hands of excluded persons could constitute greater savings and wider deposit base for banks.

 “To address our financial inclusion challenges, we have continued to implement various initiatives to ensure that as much of the eligible target population has the opportunity to access a variety of financial services.

“These services, ranges from credit, savings and payments, remittances, pensions, capital markets and insurance services,’’ he said.

Emefiele said that for consumers to fully utilise these services, it was important that they increase their financial literacy skills, complemented by consumer protection measures of the CBN.

The CBN boss expressed happiness over the approval of the Financial Literacy Curriculum at basic and senior secondary schools level, which would commence at the beginning of the 2017/2018 academic year.

He said that the apex bank was currently developing a Teacher’s Guide to aid the teaching of financial education in formal school system.

“This I hope will be one of my legacies to the youth and to the country as the CBN Governor, ’he said.

Meanwhile, The Director, Consumer Protection, CBN, Mrs. Umma Dutse reiterated the apex bank’s commitment to ensure financial inclusion, through continued financial education of consumers.

“It is only when the vast majority of the Nigerian population is financially literate that they can participate and take up opportunities from the formal financial system, thereby contributing to financial stability.

“Financial education is no doubt crucial to the future and stability of our financial system,’’ she said.

It will be recalled that a survey conducted in Nigeria in 2008 by a development finance organisation, the Enhancing Financial Innovation and Access revealed that about 53 per cent of adults were excluded from financial services.

The global pursuit of financial inclusion as a vehicle for economic development had a positive effect in Nigeria as the exclusion rate reduced from 53 per cent in 2008 to 46.3 per cent in 2010.

Encouraged by the positive development, the CBN on October 23, 2012 launched the National Financial Inclusion Strategy aimed at further reducing the exclusion rate to 20 per cent by 2020.

Specifically, adult Nigerians with access to payment services is to increase from 21.6 per cent in 2010 to 70 per cent in 2020, while those with access to savings should increase from 24 per cent to 60 per cent.

Also, access to credit is targeted to increase from 2 per cent to 40 per cent, Insurance from 1 per cent to 40 per cent and Pensions from 5 per cent to 40 per cent, within the same period.


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E-Financial

MoneyMaster PSB Marks 2024 Global Money Week

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MoneyMaster Payment Service Bank Limited (MMPSB), Nigeria’s payment service bank, is joining blue chip companies and other corporate entities across the globe to celebrate the 2024 Global Money Week from March 18 to 24, 2024.

In a press statement issued on the celebration, MMPSB emphasized  its commitment to the provision of top-notch banking services to its customers at all times, including payment services through wallets, savings, individual and business accounts, as well as provision of a platform for customers to buy airtime/data, pay bills and subscribe to cable television, amongst others.

MMPSB said its plans for the week include a “Catch them Young” experiential campaign to tutor kids on the need to embrace savings and investment culture. An estimated 5,000 students from across major schools in Nigeria have been programmed to participate in the week-long financial literacy training in the bank’s coordinating centres across 10 states.

Besides this, the MoneyMaster team will also engage teachers and enlighten them on basic knowledge of savings and investment for future purposes.

The bank added, “As part of the week-long celebration, MoneyMaster PSB will also be releasing thought leadership videos on safety and security on how banking customers can protect themselves. These videos will be shared to its customers via direct email and also on its social media handles for the benefit of the general public”.

The week, celebrated annually, creates global awareness-raising campaign on the importance of ensuring that young people, from an early age, are financially aware, and are gradually acquiring the knowledge, skills, attitudes and behaviour necessary to make sound financial decisions and ultimately achieve financial well-being.

“Protect your money, secure your future”, the theme for this year’s celebration,  is focused on safe money management, underscoring  the importance of adopting a responsible and informed approach to personal finance, by being aware of potential risks in the financial sector and protecting one’s hard-earned money.


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Moniepoint Emerges Lead Sponsor of Payments Forum Nigeria – PAFON 1.0

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Moniepoint Inc. a global digital financial services provider with operations in Nigeria and an ongoing expansion into other emerging markets, has emerged the lead sponsor of the maiden edition of Payments Forum Nigeria (PAFON 1.0).

Payments Forum Nigeria [PAFON] is an event focused on providing inside-look at the payment industry in the country, offering perspectives from key stakeholders, including payment networks, technology innovators, leading merchants, issuers, acquirers and payment processors.

The Forum is scheduled to take place this Thursday, March 21, 2024 at the Oriental Hotel, Lekki Road, Lagos by 9am-12noon, under the theme: “Payments: Trust, Security and Privacy in AI Era”.

Register here: https://bit.ly/4c4N19H

Moniepoint Inc., founded with the vision to create a society where everyone experiences financial happiness, joins other sponsors of the event: Digital Encode Limited (a leading consulting and integration that specializes in the design, management, and security of business-critical architecture); Cybervergent (a company dedicated to helping protect business sensitive data from cyber-attacks, including customer information, financial records and intellectual property); Payble (a fintech startup that modernises local government payments such as creating citizen-centric payment experiences, delivering flexible billing and simplified rate collection, and Inlaks, an IT company that offers core banking, fraud management, cybersecurity, cloud, data center, enterprise risk management, amongst other industry players.

Moniepoint Inc is the parent company of TeamApt Limited, a Central Bank of Nigeria (CBN) licensed Switch and Processor, and Moniepoint Microfinance Bank, a CBN-licensed Microfinance Bank, and operates the largest distribution network for financial services in Nigeria through its subsidiaries, and has been awarded by the CBN in 2022 as the most inclusive payment platform in the country.

Over 70 million people use their cards on Moniepoint’s POS terminals monthly across every local government in Nigeria.

Led by its Group CEO, Tosin Eniolorunda, Moniepoint Inc.’s technology has powered businesses, offering all the payment, banking, credit and business management tools they need to succeed. It aims to power the dreams of businesses, their employees and customers by providing them with the financial technology tools they need to grow, no matter their digital literacy level.

Moniepoint Inc. currently processes the majority of the POS transactions in Nigeria through its subsidiaries, processing over $182 billion in TPV. It is Africa’s largest Fintech by transaction volume. It is profitable and, in 2022, became QED Investors’ first investment into Africa.

Moniepoint Inc was recently named as the Fintech Company of the Year by the Leadership Newspapers Group.

Speakers:

Meanwhile, speakers lined for PAFON 1.0 are: Chibuzo Efobi, Director, Payments System Management, Central Bank of Nigeria (CBN); Festus Amede, Chairman, Committee of Chief Information Security Officers of Nigerian Financial institutions (CCISONFI); Dr. Adewale Peter Obadare, Chief Visionary Officer (CVO), Digital Encode Limited; Adetokunbo Omotosho, Chief Executive Officer, Cybervergent; Roosevelt Elias, Founder, Payble; Ikenna Ndugbu, Chief Compliance Officer, Moniepoint MFB, and others.

Participation:

Participation is FREE, however, pre-registration is required: https://bit.ly/4c4N19H


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BVN Registration Hits 61.16m

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Nigeria Inter-Bank Settlement System has said the registration for the Bank Verification Number (BVN) has now increased to 61.16 million, according to Vanguard report.

NIBSS disclosed this on its website on Saturday, adding that the BVN is 61,166,384 as of Friday, March 15, 2024.

Earlier in the year, the agency had reported that as of January 26, the BVN count stood at 59.9 million.

This indicates that there have been 674,280 new registrations for BVN between late January and mid-March.

The need for Nigerians to register their BVN arose following the demands by banks and telecommunication companies asking people to link their accounts and phone numbers with SIM.

Majority of Nigerians have let out their frustrations at some point when the linking of BVN with accounts were not successful.


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