SEC’s financial inclusion campaign targets 80% of Nigerians by 2020

June 21st, 2018

By Felix Khanoba

The Securities and Exchange Commission (SEC) says modalities have been put in place to ensure that not less than 80 percent of Nigerians key into any of the nation’s financial inclusion instrument by 2020.

Acting Director General of the Commission, Mary Joseph Uduk, made this known on Thursday in Abuja during a financial inclusion programme for residents of Kwali Area Council of the Federal Capital Territory (FCT).

Represented by Mr. Francis Okafor, Uduk called on Nigerians, especially rural dwellers, to take advantage of the growing nation’s economy by inculcating savings and investment habit.

Speaking further, the SEC boss appealed to Nigerians to key into the e-divided registration and other financial inclusion platforms of the Commission to enjoy desired benefits.

“Financial inclusion is to ensure every product (shares, bonds, savings, investment) are made available to everybody at affordable cost.

“Our target is for everybody, and by 2020 we should have 80 percent of Nigerians. We have taken the products or campaign to the area councils in FCT so that people in the grassroots can be reached”, she said.

Also speaking at the programme, representative of the Central Bank of Nigeria (CBN), Mr. Hilary Ewubor, called on the financially excluded people in rural areas to form cooperative society to enable them benefit from the Bank’s financial inclusion programmes.

He listed some of the programmes rolled out by CBN to include the anchor borrower scheme, the Commercial Agricultural programme with a single digit interest rate, among others.

“We encourage people at the community level to form cooperatives to help secure these loans,” Ewubor said.

On his part, Secretary of Kwali Area Council, Mr. Danjuma Dauda, commended SEC for embarking on the campaign, saying the move would go a long way in promoting savings and investments in communities in the area.

Highpoint of the event, which attracted hundreds of residents and cooperative societies from communities in the area council, was the questions and answers session, where residents were assured of safety of their money in the nation’s financial institutions.

The event was organised by SEC in collaboration with the Kwali Area Council as well as stakeholders such CBN, Pension Commission, Nigeria Deposit Insurance Corporation (NDIC), among others.

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