The Nigeria Deposit Insurance Corporation (NDIC) has called on banks and other stakeholders to make concerted efforts toward addressing challenges hindering financial inclusion in the country.
Dr Sunday Oluyemi, the Director of Communication and Public Affairs Department of NDIC, made the call on Wednesday at a workshop for Business Editors and Finance Correspondents Association of Nigeria (FICAN) in Yola, Adamawa.
Oluyemi said that addressing the challenges would help the country to achieve its vision 2020 target of reducing financial exclusion level to 20 per cent.
He also noted that financial literacy was the key to achieving financial inclusion.
According to him, financial inclusion can help in reducing poverty, broaden wealth creation and social equality in the country.
“In achieving the 2020 target, it requires the concerted efforts of stakeholders, especially banks to tackle the challenges of financial inclusion as we navigate toward the ideals of vision 2020.
“Enhanced financial literacy is the key to inclusion. There is no way you can talk about inclusion without financial literacy.
“If people are not literate enough to make informed decisions, you cannot be talking about financial inclusion.
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“When you have 80 per cent of the people included in the system, making informed decisions with respect to the financial system and patronising the system, the system will be better,’’ he said.
Oluyemi appealed to the media to assist in financial information dissemination to the public to close the gap of adult financial exclusion in the country.
The News Agency of Nigeria (NAN) reports that financial inclusion is where individuals and businesses have access to useful and affordable financial products as well as services.
Inclusion helps people to meet their needs through products and services that are delivered in a responsible and sustainable way.
Financial inclusion is defined as the availability and equality of opportunities to access financial services.