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Unbanked Nigerians benefit from geo-mapping

09 July 2013, 14:03

Lagos - As part of efforts to promote financial inclusion, the Nigeria Central Bank (NCB) unveiled plans to use mapping technology to identify the access points of unbanked citizens.

Sanusi, CBN governor, said the bank would use the geospatial mapping to identify access points to capture unbanked persons and thus ensure more people used financial institutions’ services.

“The mapping technology will be able to provide information of where access points are. This method is in line with our cashless policy and the Nigeria Financial Inclusion Strategy (NFIS).

"Financial inclusion efforts rely on data based evidence to track the progress of the NFIS,” he said in Lagos at the inauguration of the Geospatial Mapping of Financial Institutions in conjunction with the Bill and Melinda Gates Foundation (BMGF).

Financial access points include markets, motor parks, PoS (point of sale) terminals and postal agencies.

The new technology will provide information about access points within a five kilometer radius.

CBN inaugurated NFIS in October last to reduce the number of adults excluded from access to financial services.

NFIS aims to reduce the financially excluded adults of 46.3 per cent to 20 per cent by 2020.

Sanusi said achieving the 2020 financial inclusion target would require the collaboration of all the stakeholders in the finance industry.

Some of NFIS initiatives are the development of agent banking guidelines and the Know-Your-Customer (KYC) requirement to encourage financial institutions to reach out to underserved segments.

Other initiatives include the development of the Consumer Protection Framework under a newly set up Consumer Protection Department and increase campaign to promote financial literacy.

- CAJ News

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