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Agencies partner to enhance financial inclusion

17 March 2015, 10:12Augustine Osayande

Abuja - A partnership signed by some public agencies is poised to at reducing the number of financially excluded individuals in Nigeria.

The Central Bank of Nigeria (CBN), Nigerian Postal Service (NIPOST), the Bureau of Public Enterprise (BPE), Infrastructure Concession Regulatory Commission (ICRC) and the Public-Private Partnership (PPP) Department of the Federal Ministry of Finance have signed the partnership.

Tagged The Financial Inclusion Project is a multi-agency initiative involving the Federal Ministry of Communication Technology.

The objective of the project is to utilise the network of post offices across Nigeria to create and improve the access citizens have to financial services.

Also Read: CBN rules out plans to introduce capital control

Permanent Secretary of the Federal Ministry of Communication Technology, Dr Tunji Olaopa said the transaction adviser was selected after a rigorous and transparent procurement process that saw a number of international and domestic consortia expressing interest in supporting the project.

“A total of six companies were invited to submit proposals with the Infrastructure Investment Facilitation Company (IIFC), a company located in Bangladesh, emerging as the preferred candidate. IIFC will be working with its Nigerian consortium partner, the law firm of Abdulai, Taiwo and Company, to complete its assignment” Olaopa said.

Managing Director and Chief Executive Officer of IIFC Nazrul Islam, who sign the contract on behalf of the consortium, said they have extensive experience in developing and implementing PPPs in the Telecommunication, ICT, Power, Shipping and Ports Sectors. He added that IIFC has taken on advisory roles in the broader Asian region and has recently won contracts in other African countries such as Kenya and Rwanda.

Minister of Communication Technology, Omobola Johnson, said the project will make a significant contribution towards the attainment of the nation’s financial inclusion target, particularly in rural areas.

She added that the government expects an increase in revenue to NIPOST.

- CAJ News

Tags cbn finance

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