According to the Central Bank of Nigeria (CBN) only 41.6% of Nigerians are considered to be financially included. Financial Inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered in a responsible and sustainable way.
The CBN has an ambitious goal of 80% financial Inclusion by the year 2020.
Following a grant from the Bill and Melinda Gates Foundation, Business Day is aiming to drive some of the financial inclusion conversation in Nigeria, and one of the ways is through a radio show titled Financial Inclusion Today. The show airs every Tuesday at 11.30am WAT on Silverbird’s 93.7 rhythm FM.
The shows aims to foster conversations around financial inclusion issues in Nigeria and to raise awareness by bringing together stake holders, decision makers, policy makers, Business Day financial analysts to further this cause in Nigeria.
Episode 7 is titled: Financial Literacy as a Tool for Deepening Financial Inclusion
According to the CBN, The desertion of financial literacy in Nigeria has induced the exclusion of 57% of the country’s adult population from access to formal financial services. A high percentage of the Nigerian population does not have the requisite skill to effectively manage their financial transactions and utilize financial products.
Business Day’s team of financial analysts Patrick Atuanya, Lolade Akinmurele, Lehlé Baldé, Omosomi Omomia, Bala Augie discuss this episode’s topic with Ugo “Ugodre” Obi-chukwu, founder of Nairametrics.