LATEST BUSINESS AND ECONOMY NEWS IN NIGERIA

At exactly atly 4:40pm on Monday, Acting President Yemi Osinbajo signed the 2017 budget into law. The budget of ₦7,441,175,486,758 was passed by the senate and house of reps on the 11th of May, 2017.












Senate President Bukola Saraki; Yakubu Dogara, speaker of the house of representatives; Udoma Udoma, minister of budget and national planning; Lai Mohammed, minister of information; Abba Kyari, chief of staff to President Muhammadu Buhari and Kemi Adeosun, minister of finance, witnessed the signing of the appropriation bill.





CBN to share status of Financial Inclusion initiatives at retail banking workshop


Since 2005, the Nigerian government and the regulatory authorities have promoted policies intended to grow financial inclusion in the Nigerian financial services sector.

The Central Bank of Nigeria (CBN) is currently implementing various policies and processes designed to enhance financial inclusion. The second edition of Ciuci Consulting’s Retail Banking Workshop themed, ‘Catalyzing SME Funding and Retail Lending to Nigeria’s Economic Development,’ will explore the strategic tools employed to drive Financial Inclusion. This edition will hold at Radisson Blue, Victoria Island on Thursday, June 15, 2017.

Since 2005, the Nigerian government and the regulatory authorities have promoted policies intended to grow financial inclusion in the Nigerian financial services sector.The Enhancing Financial Innovation and Access (EFInA) ‘Access to Financial Services in Nigeria’ 2016 survey report puts Nigeria’s banked population at 38.3 per cent of adults while 41.6 per cent are financially excluded. Its ‘The Landscape of Financial Inclusion and Microfinance in Nigeria’ 2015 survey report identifies five major barriers to financial inclusion, which are low income; low physical access to rural areas lack of trust and clear understanding of financial institutions and products; affordability; and eligibility.
The CBN has been at the forefront of supporting these products that are specifically targeted at the low income and financially excluded, using the Financial System Strategy 2020 (FSS2020Other frameworks and policies include: Non-interest Banking framework (NIFIs), E-banking Products, Electronic Payment System, and Cashless Policy.

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