CBN directs banks, others to pay returns through NIBSS

Posted by News Express | 7 July 2018 | 988 times

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•CBN governor, Godwin Emefiele

The Central Bank of Nigeria (CBN) on Friday directed all banks including microfinance banks, primary mortgage institutions that have agents, Mobile Money Operators (MMOs) and licensed Super Agents to render daily returns through the Nigeria Inter-Bank Settlement System (NIBSS), effective July 10.

The directive follows the decision of the Banker Committee to adopt and implement the shared agency network expansion fund initiative by the banking industry, aimed at accelerating the CBN’s financial inclusion program.

In a circular singe by Dipo Fatokun, director, banking and payments system department, the CBN issued this regulatory requirement for data rendition for effective monitoring and evaluation purposes.

The CBN said the transaction data is required daily, so as to plot the growth and type of services being offered across the country.

On the other hand, the CBN on Friday released exposure draft of the National Financial Inclusion Strategy Refresh for comments and observations.

The CBN has been working with various stakeholders to conduct a review and refresh of the strategy.

The exercise focused on evaluating progress, identifying gaps and developing a refreshed strategy document which serves as a roadmap for implementation till the terminal year 2020.

In 2010, Nigeria made a commitment to reduce the adult financial exclusion rate in the country from 46.3 percent to 20 percent by the year 2020. In order to attain this target, the National Financial Inclusion Strategy ( NFIS) was launched on October 23, 2012.

In a circular signed by Mudashiru Olaitan, director, development finance department, the CBN said while some notable milestone has been achieved, overall financial inclusion stands at 41.6 percent based on the biennial Access to Financial Services in Nigeria survey (EFInA 2016). (BusinessDay)

Source: News Express

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