Journalism of Courage

CBN considering setting up a trust fund

Nigeria’s central bank is considering setting up a trust fund to boost financial inclusion in the country, Per Second News learnt at the weekend.
The regulatory bank said it is considering this step as a means to reaching its national financial inclusion plan seeking to ensure that at least ensure 80 per cent of of Nigeria’s nearly 200 million people have access to banking and other financial services.
Chaired by Godwin Emefiele, the CBN governor, a Financial Inclusion Steering Committee would provide policy and strategic direction on the implementation of the National Financial Inclusion Strategy (NFIS), as Nigeria’s population is expected to exceeds the USA’s to reach 411 million by 2050, according to the United Nations.
At an annual population growth rate of 2.5 per cent, the Africa’s largest economy’s population by 2020 could read about 210 million, according to Emefiele, thus, necessitating an accelerated financial inclusion strategy.
The bank has yet to give a proposed date for launching the fund or how much might be involved.
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