Home Finance CBN adopts mapping technology to leverage financial inclusion

CBN adopts mapping technology to leverage financial inclusion

by Business News Report

The Central Bank of Nigeria (CBN) says it wants to use geospatial mapping to identify access points to capture unbanked persons to achieve rapid financial inclusion. CBN Governor, Malam Sanusi Lamido Sanusi, said this at the inauguration of the Geospatial Mapping of Financial Institutions on Monday in Lagos. The mapping was inaugurated in conjunction with the Bill and Melinda Gates Foundation (BMGF).

Sanusi said the CBN intended to make more people use financial institutions’ services. He explained that financial access points were places, markets, motor parks, PoS (point of sale) terminals and postal agencies. “This mapping technology will be able to provide information of where access points are. This method is in line with our cashless policy and the Nigeria Financial Inclusion Strategy (NFIS). Financial inclusion efforts rely on data based evidence to track the progress of the NFIS.

“This new technology will provide information about access points within a five kilometer radius“, he said. NFIS was inaugurated in October 2012 to reduce the number of adults excluded from access to financial services. NFIS aims to bridge the financially excluded adults of 46.3 per cent to 20 per cent by 2020.

According to Sanusi, achieving the 2020 financial inclusion target will require the collaboration of all the stakeholders in the finance industry. “Some of such initiatives are the development of agent banking guidelines and the Know-Your-Customer (KYC) requirement to encourage financial institutions to reach out to underserved segments. Other initiatives include the development of the Consumer Protection Framework under a newly set up Consumer Protection Department and increase campaign to promote financial literacy“, he said.

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