Nigeria: Formal Financial Services Sector to Capture 80% of Nigerians - NDIC

12 December 2019

The Nigeria Deposit Insurance Corporation (NDIC) says the federal government plans to have 80 per cent of Nigerian adult population in the formal financial services sector.

Director of Communication and Public Affairs Department of the corporation, Dr Sunday Oluyemi, stated this yesterday at the 2019 Workshop for Business Editors and Finance Correspondents Association of Nigeria (FICAN) in Yola, Adamawa State.

Oluyemi, who also warned that banks and other stakeholders must always address challenges that hinder financial inclusion in the country, stressed that addressing the challenges would help the country to achieve its Vision 2020 target of reducing financial exclusion level to 20 per cent.

He said financial literacy was important in achieving financial inclusion.

The director also said that inclusion can be delivered to the poor and unbanked people through different services providers, including non-governmental organisations; cooperatives; community-based development institutions; commercial and microfinance banks; insurance and credit card companies; amongst others.

Dr Oluyemi further noted that achieving financial inclusion requires access to and availability of financial services and that banks are uniquely positioned to provide the financial services.

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