In Abuja, the Bill and Melinda Gates Foundation (BMGF) and the Central Bank of Nigeria (CBN) held strategic discussions on how to intensify their partnership on financial inclusion in Nigeria.
Acting Governor of the Bank, Mr. Folashodun Shonubi, made a statement at the meeting on June 22, 2023, reiterating the CBN’s commitment to continuously work with BMGF and other development partners to explore cutting-edge solutions for promoting access to finance.
Despite significant advancements in many areas of financial inclusion, Shonubi, who was joined by the Deputy Governor of the Financial System Stability (FSS), Mrs. Aishah Ahmad, stated that several obstacles still stood in the way of Nigeria achieving the targeted level of financial inclusion. Therefore, he urged closer collaboration between the Bank and the BMGF.
The Bill and Melinda Gates Foundation’s co-chair, Mr. Bill Gates, emphasized in his remarks the foundation’s main areas for sustained engagement in Nigeria, which include health, agriculture, and financial services.
Gates expressed delight that his organization’s assistance was spurring progress in Nigeria. He acknowledged that there were still issues and gaps, but he was upbeat that Nigeria’s new monetary and economic policies will lead to improved results for the nation.
The BMGF has supported financial inclusion in Nigeria since 2012 and 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 partnership has resulted in strategic initiatives like the Nigeria Financial Services Maps, a gateway for the geospatial mapping of access points, the development of the National Financial Inclusion Strategy in 2012 and a revision in 2018, analysis of financial exclusion, sizing up of digital financial services in Nigeria, and many other initiatives that hasten access to financial services.
Gates was joined by the BMGF’s Abi Jagun, Senior Programme Officer, and Christopher Elias, President, Global Development, while the CBN delegation also included Mr. Philip Yila Yusuf, Director of Development Finance, and Dr. Paul Oluikpe, Head of Financial Inclusion.
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