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CBN Partner with Gates Foundation to Promote Financial Inclusion

Central Bank of Nigeria Staff and Bill and Melinda Gates Foundation

The Bill and Melinda Gates Foundation (BMGF) and the Central Bank of Nigeria (CBN) have finalized their plans to work together on financial inclusion.

The two organizations recently had strategic conversations on how to strengthen collaboration on financial inclusion in Nigeria, according to a statement from the national bank.

Acting Governor of CBN, Folashodun Shonubi, is said to have reaffirmed the apex bank’s commitment to working with BMGF and other development partners going forward during the discussions.

According to Mr. Shonubi, this cooperation would look at creative ways to increase financial access.

Despite significant advancements in several areas of financial inclusion, he claimed that Nigeria still faced considerable obstacles to reaching the target level of financial inclusion.

Therefore, he urged closer collaboration between the apex bank and the BMGF.

The BMGF has supported financial inclusion in Nigeria since 2012, according to the CBN.

“It has been a critical partner of the CBN in fostering innovation to bring financial goods and services to excluded parts of the Nigerian people.

The National Financial Inclusion Strategy was created in 2012 and underwent a revision in 2018. The relationship also led to the construction of the Nigeria Financial Services Maps, a portal for access point geospatial mapping.

According to the statement, “it has also resulted in research into financial exclusion, a scoping of digital financial services in Nigeria, and many other activities that aid in accelerating access to financial services.”

Bill Gates, co-chair of the Bill and Melinda Gates Foundation, underlined in his speech the areas of priority for the foundation’s sustained engagement in Nigeria, including health, agriculture, and financial services.

Mr. Gates expressed delight that his organization’s assistance was igniting progress in Nigeria.

Although he acknowledged that there were still issues and gaps, he was upbeat about Nigeria’s prospects given the new economic and monetary policies that are currently in place.

Aishah Ahmad, the Deputy Governor for Financial System Stability (FSS), attended the discussions with the Acting CBN governor.

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