Abuja - The Governor of the Central Bank, Sanusi Lamido Sanusi, says the
apex bank will partner some satellite system companies to boost international
telecommunication services in the country.
Sanusi, who disclosed this at a meeting with a World Economic Forum Group in
Abuja on Tuesday, said that the synergy would enhance implementation of
financial inclusion in Nigeria.
The focus of the meeting was “Promoting
Global Financial Inclusion: Overcoming Key Barriers through Public–Private Collaboration.”
Sanusi identified lack of infrastructure as a major challenge to the
implementation of the policy.
He said that the least expensive way of deploying products was technology,
but said that the low level of internet penetration around the country remained
He also said that excessive reliance on telephone companies in the country
had its problems because, telecommunication companies make a lot of money from
Small Message Service (SMS).
According to him, the idea is to have internet services in each of the 774
local government headquarters in the country and to create hot spots.
The hot spots, he said, would help to create internet cafe, mobile agents,
Point of Sales (POS) operations, Automated Teller Machines (ATM) operation,
The apex bank governor said that financial inclusion would not be achieved
without strong financial literacy and education to help people to take
decisions on personal financial issues.
On efforts of the bank to ensure financial inclusion through Cashless
policy, he said that there had been continuous progress with the policy.
“The simple example is on the POS; we started with 11 000 terminals in the
entire Lagos area with less than 6 000 active POS terminals and were doing
transactions of N5 million to N10 million per day.
“Today, we have got more than 150 thousand POS terminals in Lagos; about 20
per cent of them are active and we are doing between N1billion and
N2.5 billion on POS transactions daily,’’ he said
Sanusi said that there had been general reduction in cash transactions in
the country and that banks would strive to harmonise the Know-Your-Customer
(KYC) policy to capture persons that were excluded in the banking system.
“A major bottleneck in the phase of financial inclusion is the
identification of customers with a unique ID; I don’t know what it is in other
countries, but here, it is serious,’’ he said.
According to him, without proper identification, there will be a limit to
the amount of money that can be given to a customer for doing business.