The Central Bank of Nigeria (CBN) and the Bill and Melinda Gates Foundation (BMGF) recently engaged in strategic discussions aimed at strengthening their partnership and expanding financial inclusion initiatives in Nigeria. The high-level meeting took place in Abuja, where both organizations reaffirmed their commitment to finding innovative solutions for enhancing access to finance.
Mr. Folashodun Shonubi, the Acting Governor of the CBN, emphasized the apex bank’s dedication to collaborating with the BMGF and other development partners. He acknowledged the significant progress made in various aspects of financial inclusion in Nigeria but acknowledged that challenges persisted in achieving the desired level of inclusivity.
Recognizing the importance of greater cooperation between the CBN and the BMGF, Mr. Shonubi urged both institutions to deepen their partnership and explore avenues for addressing the remaining barriers to financial inclusion in Nigeria.
Co-chair of the Bill and Melinda Gates Foundation, Mr. Bill Gates, outlined the foundation’s continued engagement in Nigeria, emphasizing their focus on health, agriculture, and financial services. Mr. Gates expressed satisfaction with the impact of the BMGF’s support, stating that it has catalyzed developmental action across the country.
While acknowledging the existing challenges and gaps, Mr. Gates remained optimistic about Nigeria’s prospects for better outcomes. He attributed this optimism to the country’s implementation of new economic and monetary policies, which have laid a solid foundation for progress.
Since 2012, the BMGF has been actively supporting financial inclusion initiatives in Nigeria and has established itself as a strategic partner of the CBN. Through their partnership, various strategic initiatives have been implemented to accelerate access to financial services. These include the Nigeria Financial Services Maps, which serves as a gateway for geospatial mapping of access points, the development and subsequent revision of the National Financial Inclusion Strategy in 2012 and 2018 respectively, research into financial exclusion, scoping of digital financial services in Nigeria, and many other activities.
During the meeting, Mr. Gates was accompanied by Christopher Elias, President of Global Development at BMGF, and Abi Jagun, Senior Programme Officer at BMGF. The CBN team included Mr. Philip Yila Yusuf, Director of Development Finance, and Dr. Paul Oluikpe, Head of Financial Inclusion.
The strategic discussions between the CBN and the BMGF signify a renewed commitment to fostering financial inclusion in Nigeria. With the collective efforts of both institutions and their dedication to innovation, it is expected that more significant strides will be made in promoting access to financial services and uplifting the excluded segments of Nigeria’s population.
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