Cbn unveils new policy to capture the unbanked

I think you meant to say "CBN unveils new policy to capture the unbanked population".

The Central Bank of Nigeria (CBN) has indeed introduced a new policy aimed at increasing financial inclusion and capturing the unbanked population in the country. The policy, which was announced in 2020, is designed to promote financial inclusion by providing access to financial services for the underserved and unbanked segments of the population.

The policy, known as the "National Financial Inclusion Strategy (NFIS)", has several key objectives, including:

  1. Increasing access to financial services for the unbanked and underserved population, particularly in rural areas.
  2. Improving the efficiency and effectiveness of financial services delivery.
  3. Enhancing financial literacy and awareness among the population.
  4. Promoting the use of digital financial services.

To achieve these objectives, the CBN has implemented several initiatives, including:

  1. Licensing of new banks and financial institutions to increase competition and improve access to financial services.
  2. Introduction of mobile money services to enable people to access financial services using their mobile phones.
  3. Development of agent banking networks to provide financial services through a network of agents.
  4. Promotion of financial literacy and awareness through public education campaigns and financial education programs.
  5. Encouragement of financial inclusion through the use of digital financial services, such as mobile payments and online banking.

The CBN has also set a target of increasing financial inclusion to 80% of the population by 2025, up from the current level of around 60%. To achieve this target, the bank is working with financial institutions, fintech companies, and other stakeholders to develop and implement innovative financial inclusion solutions.

Overall, the CBN's new policy is aimed at promoting financial inclusion and reducing poverty by providing access to financial services for the unbanked and underserved population in Nigeria.