Lack of banks’ commitment, insecurity and lack of data, among other factors, have been identified by the Central Bank of Nigeria (CBN) as major obstacles to the successful implementation of financial inclusion.
All these put together have denied the Secretariat of Financial Inclusion Strategy to come out on the performance report of the policy even on a quarterly basis.
The policy is perceived differently by different people and organisations, a development analysts say may hinder the CBN’s plan to reduce the percentage of financially excluded adults to 20 percent from 46 percent by 2020.
Specifically, the Development Finance Department Activity Report for the month of July released on Tuesday by the CBN states that lack of motivation on the side of the deposit money banks (DMBs) to execute the Financial Inclusion Strategy is because it is not perceived as being profitable.
