Nigeria: Financial Inclusion Requires Financial Literacy

by | 07/10/13 | Commentary, News

With financial inclusion continuing to drive the global debate around greater consumer financial capabilities, Nigeria is set to launch a renewed focus on financial literacy as a key component to the country’s financial inclusion policies and initiatives.

At the 18th Seminar for Finance Correspondents and Business Editors, Dutse Aminu, an Assistant Director of the Consumer and Financial Protection Department of the Central Bank of Nigeria, said that financial literacy needs to play an important part of the country’s process in developing financial inclusion policies.  Aminu further suggested that the banks should employ procedures that would imbed financial inclusion into their systems.

Aminu articulated the CBN’s recognition that while financial inclusion drives wider access to financial products and services, financial literacy is the central catalyst to awareness.  CBN is expected to issue guidelines going forward regarding its plans for a national implementation of financial literacy initiatives.  Given the current focus among nations throughout the world on financial literacy, Nigeria’s guidelines could be a good roadmap for others to follow in the months ahead.

Become a Member

Join financialcorps today to get access to exclusive content, networking community, and inside information to the world of financial literacy.

Subscribe

to the top financial literacy news from the world’s leading financial education funders, news sources, analysts and commentators, e-mailed to you FREE.