Economy

Kano records highest financial exclusion rate

by ADEOLA AJAKAIYE, Kano

December 1, 2017 | 4:08 pm
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The Enhancing Financial Innovation & Access (EFInA) Report for last year (2016), indicates that more Nigerian adult were excluded from access to financial services, with the highest percent of those excluded coming from northern Nigeria biggest business city of Kano state.

According to the report, the percentage of adult Nigerians excluded from access to financial services in the year in review was 41.6% which was higher than 39.5% recorded in 2014.

The further indicated that the North-West Geo-Political Zones of the country, including Kano recorded the highest exclusion rate of 70% followed by the North-East Geo-Political Zone with 62%.

Umaru Ibrahim, managing director, Nigeria Deposit Insurance Corporation (NDIC), provided this fact in his address at the Corporation’s Special Day at the on-going Kano International Trade Fair.

Ibrahim, who is also the chief executive officer of the corporation said his establishment has continued to be in the forefront of the implementation of the National Financial Inclusion Strategy floated by the Federal Government to reduce the number of Nigerians excluded.

“I wish to emphasis the crucial role of licensed Microfinance Banks (MFBs) AND Non-Interest Banks towards substantially reversing this ugly trend by the provision of the financial services channeled through the micro, small and medium scale enterprises (MSMEs) not only in Kano State but also in other states of the federation.

“It will be recalled that the Central Bank of Nigeria (CBN) disbursed #2 billion micro credits through the microfinance banks on September5, 2016 to 20,000 qualified loan beneficiaries across the 44 Local Government Areas in the state 60% of which were expected to be women.

“This is highly commendable as it will go a long way in closing the identified financial exclusion gaps and enhance economic empowerment for the people of the state. On its part, the NDIC is continuously monitoring the banks in conjunction with the CBN to protect interest of the teeming depositors.

“Therefore, I urge the MSMEs in the state to not only save their money in the MFBs but to also access available financial services in the licensed banks where their money is protected by the Corporation” he further stated.

Ibrahim also used the occasion to advise traders and the public at large not to keep their money in markets, stores and houses, pointing out that it is much safer to keep money in the banks.

“I would also like to advise traders and the public at large not to keep their money in markets, stores and houses. It is safer to deposit their money in the banks in order to avoid losing it to armed robbers and fire incidents.

“Let me quickly remind you of the various fire incidents that occurred at Abubakar Rimi Market, Sabon-Gari, Konar Singer Market and the GSM village where millions of Naira and valuable properties were lost” he added.

 

 

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by ADEOLA AJAKAIYE, Kano

December 1, 2017 | 4:08 pm
  |     |     |   Start Conversation

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