We Are Committed To Promoting Financial Literacy – CBN

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Participants at the CBN Two-day fair in Kaduna.

By KATO P.  LADAN,  Kaduna

In its quest  at promoting  a cashless  economy,  the Central Bank of Nigeria (CBN)  is committed  to promoting financial  literacy  among Nigerians.

Controller CBN Kaduna, Always Shehu Y.  Sale expressed this at the ongoing CBN Fair  in Kaduna on Thursday.

“Permit  me to mention that  the CBN is committed  to promoting  financial literacy  among Nigerians. This is with a view to providing  them with  the essential  knowledge  and financial  responsibility  to make decisions that will  better their  lives and ultimately  grow the economy, ” he said.

Represented by the Acting Branch Controller,  Mrs Comfort Samuel Gaiya he explained that  all the diverse  initiatives of the CBN are geared  towards the economic growth  and development of the nation.

“This can only  be achieved  when stakeholders  and the public  are fully  aware  of these  initiatives  for optimal  utilization, ” he added.

Speaking  further,  he said that in Nigeria,  like most developing  countries,  cash has been  the most prevalent  mode of payment.

“This makes the country to be heavily cash-based  economy. However,  the cost of cash to Nigeria financial  system is high and increasing.  It is in this regard,  that the CBN introduced the cashless  policy with the objective of promoting the  use of alternative means of payment like electronic  payment channels  instead of cash.,” he explained.

He pointed  out that  the move towards a cashless policy  brings  with it numerous  benefits,  while admitting  that that there is however,  need to create  more awareness to entice the numerous  unbanked  Nigerians into the banking system.

Saleh  said that in view of that,  the CBN Consumer  Protection  Department  has released  the Consumer  Protection  Framework  aimed at enhancing  consumer confidence  in the financial  services  industry  and promoting financial  stability, growth  and innovation  among operators.

“Permit  me to also state that the Central  Bank of Nigeria,  in collaboration  with the  Bankers  Committee,  proactively  embarked  upon the deployment of a centralized Bank Verification System and launched the Bank  Verification  Number  (BVN), in February,  2014.

“This is part of the overall strategy of ensuring effectiveness  of the Know Your Customer  (KYC)  principles,  and the promotion  of safe,  reliable and efficient  payments system.  The BVN gives  a unique  identity across  the banking  industry  to each customer of Nigerian  banks, ” he added.

The two-day fair ends on Friday.

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