The Bankers’ Committee has selected Borno State for the implementation of the financial inclusion strategy.

The selection, according to a statement made available on Monday by the Central Bank of Nigeria was one of the key resolutions made at the Bankers Committee retreat.

The statement said, “The committee expressed concern over the high number of financially excluded adults in Nigeria, particularly in some of the poorest parts of the country.

“To this end, Bornu State was selected to pilot the financial Inclusion scheme due to its high rate of financial exclusion, significant number of rural women, security issues plaguing the state and having one of the highest levels of poverty in the country.”

The committee also agreed that financial inclusion should be broader than just access to credit.

“It involves facilitating the development of cheaper alternative channels to serve the unbanked and under-banked segments of the population, within the context of alleviating poverty and exclusion from the economic system,” it added.

Meanwhile, the committee applauded the progress made by the Federal Government on Power Sector Reform, as it pledged its commitment to transforming and growing the economy.

The statement further stated, “Another pronouncement from the committee was the acknowledgement of the tremendous strides made by the Federal Government in tackling the challenges in the power sector, advocating that proceeds of the privatisation should be reinvested in further developing the sector.

“The committee reasserted its focus to identify opportunities for the financial intervention in key sectors considered as growth drivers of the economy, as banks play their critical role of mediation beyond just custodial services.”

Source: Punch (written by Ademola Alawiye)