IFIC 2024: Nigeria’s CBN Reaffirms Commitment to Financial Inclusion, Unveils We-Fi Code And Dashboard

The Central Bank of Nigeria (CBN) has once again underscored its dedication to financial inclusion, a cornerstone for national economic growth and development.

During the ongoing International Financial Inclusion Conference (IFIC) 2024, the CBN unveiled the We-Fi Code, WFI Dashboard, and Roadmap for Financial Deepening Providers (FDPs). These initiatives are expected to further accelerate financial inclusion efforts and contribute to Nigeria’s goal of becoming a $1 trillion economy.

The CBN Governor Olayemi Cardoso emphasized the bank’s unwavering commitment to ensuring that every Nigerian, regardless of their location or socioeconomic status, has access to affordable financial services.

Since the inception of the National Financial Inclusion Strategy (NFIS) in 2012, the CBN has been instrumental in driving policies and initiatives aimed at reducing financial exclusion. This has been accomplished through a collaborative effort with partner agencies to provide a wide range of financial services, from basic savings accounts to micro-pension and micro-insurance, as well as digital payment platforms.

To further deepen financial inclusion, the CBN has introduced new minimum capital requirements for banks. This strategic move empowers banks to take on greater risks, particularly in underserved markets. With stronger capital bases, banks are better positioned to provide loans and financial products to MSMEs, rural communities, and other vulnerable segments that have traditionally faced difficulties in accessing formal financial services.

By enabling banks to extend more credit to MSMEs, the CBN is fostering job creation and boosting productivity. Additionally, increased capital allows banks to invest in technology and innovation, driving the adoption of digital financial services such as mobile money and agent banking.