July 28, 2017

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Wednesday, August 7, 2013

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Will this fresh initiative against cyber crime work? -

Friday, July 26, 2013

Investors prefer Southwest, says LCCI -

Friday, July 26, 2013

Fed Govt stops project variation beyond 15% of initial cost -

Thursday, July 25, 2013

Financial services consumers only 20% of telecom network – Sanusi

Financial services consumers only 20% of telecom network – Sanusi... NAIJA INTEL

The Governor of the Central Bank of Nigeria (CBN), Lamido Sanusi, on Monday, in Lagos, spoke of the need to extract more value from the existing telecom services provided to ensure financial access

Delivering a keynote address at the formal launch of the Geospatial mapping of Financial Institutions in Nigeria in conjunction with the Bill and Melinda Gates Foundation (BMGF), Sanusi urged stakeholder to collaborate in achieving targets set in the Nigerian Financial Inclusion Strategy (NFIS).

Fielding questions after the event, Sanusi told journalists of data showing “that out of all the areas where we have network coverage, only 20 per cent is being used for financial services.

“So we can do so much with the existing network coverage without further investment by simply rolling out financial services on mobile phones and you can effectively multiply the area covered by five. As we improve the information that we have, we beginning to address the issue… So as we do that, we begin to improve access,” he added.

Continuing, the CBN Governor said: “If you look at some of the data we are looking at, for example, we are looking at motor parks, which usually will not come to your mind as a financial assess point, but a lot of financial transactions happen in motor parks. People basically pay money to drivers and it is either physically transferred and the other party gets it at the end of the journey. So, we are beginning to now gather data on these institutions. We also have a number of microfinance institutions, non-governmental organisations, cooperative societies and what we did today was basically to give ourselves full view on these points.”

Financial services consumers only 20% of telecom network – Sanusi... NAIJA INTEL

Financial services consumers only 20% of telecom network – Sanusi… NAIJA INTEL

The Nigerian National Financial Inclusion Strategy (NFIS) was launched in October, 2012, he stressed, with the overall target being to reduce the number of adults without formal access to financial services from 46.3 per cent in 2010 to 20 per cent by 2020. According to him, it is targeted that at least 70 per cent of the proposed 80 per cent of Nigeria’s adult population would be in the formal sector. They are specific targets for services such as payments, savings, credit, insurance and pensions, a task, he said will be achieved through collaboration among all the stakeholders in the financial industry.

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IMAGE: www.fuelcellmarkets.com

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