Local News
CBN Vows to Sustain Consumer Protection Initiatives in Financial Sector
The Central Bank of Nigeria (CBN) has assured Nigerians that the apex financial institution would sustain various initiatives aimed at boosting the economy and protecting consumers in the financial sector.
The Acting Director of the Corporate Communications Department of CBN, Mrs. Harkama Sidi Ali, gave the assurance in her remark during the CBN Fair, held in Abeokuta, the Ogun State capital, on Thursday.
The fair, with themed, “Driving Alternative Payment Channels as Tools for Economic Development,” drew stakeholders including operators of microfinance institutions, fintechs, MSMEs, regulators, and academia.
She stressed the Fair is designed as a platform to interact with members of the public and critical stakeholders on the policies of the Central Bank of Nigeria for sustainable economic growth and development of Nigeria.
She said, “Tools for Financial Inclusion, Growth and Accelerated Economic Development” were carefully chosen to address the imperative of value addition and the links that catalyse SMEs and other economic activities to attain the much-needed price stability.
“The management of the bank, under the leadership of Mr. Olayemi Cardoso, is committed to stimulating productivity and financial inclusiveness as well as delivering on its core mandate of monetary and price stability.
“This has resulted in significant increase of inflow in foreign investments, positive trade balances and quantum leap in financial inclusion rate in recent times.
Earlier in her remark, the Abeokuta Branch Controller, Mr. Malik Ademola, said the fair was a key public enlightenment platform to bridge the gap between the bank and the grassroots.
Ademola commended the collaborative efforts of stakeholders, noting their roles were instrumental to the achievement of the CBN’s mandate.
He said “Over the years, the fair has evolved into a veritable channel for fostering two-way communication between the Central Bank and the grassroots. It enables us not only to explain our policies but also to listen to your concerns, feedback, and expectations.
“As we navigate the evolving economic landscape, both globally and locally, the need for increased public awareness of monetary policy, financial inclusion, consumer protection, digital payments, and intervention programmes cannot be overemphasized.
In their contributions, stakeholders urged the federal government to introduce deliberate policies to revive dwindling MSMEs, as part of efforts to make the nation’s economy sustainable.
They lamented that the fortune of MSMEs has changed negatively, ever since the introduction of the naira redesign policy by the previous administration.
They stressed the policy has grounded SMEs and the nation’s economy continues to stagger, ever since.
Specifically, a participant at the event and founder of Landgold Microfinance Bank, Mr. Bunmi Ogunrinde, stressed the importance of MSMEs to Nigeria’s economic survival.
He argued that the economy is basically driven by MSMEs, adding that the nation’s economy can only survive where SMEs thrive.
He stated, “Even in America, the driver of their economy is MSMEs, including family businesses. MSMEs are the greatest employers of labour and that is why the government must be very intentional about driving the MSMEs,” he said.
“At a time, financial inclusion was going steadily, but during the Emefiele regime and the cashless policy, many microfinance banks died. Then, we had close to a thousand microfinance banks in Nigeria. We must be intentional about the economy. Whatever policy the government is coming up with must not affect SMEs, they are the livewire of the economy.
Ogunrinde urged the government to prioritise policies that will resuscitate the microfinance banking sector, describing it as critical to broadening financial inclusion.
