Jigawa highest with unbanked people ―CBN

THE Central Bank of Nigeria (CBN) described Jigawa as the state with the highest number of people that are unbanked in the country.

This was disclosed by the Director, Development Finance Department, Mr Philip Yila Yusuf, in a speech delivered at the flag-off of the digital financial inclusion drive for women and youth in the capital city of Jigawa State.

Yuauf, who was represented by the controller, Central Bank of Nigeria (CBN) Dutse branch, Mr Audu Amadu said that the financial inclusion drive was an initiative of the CBN and other stakeholders to improve access of unbanked Nigerians to financial products and services.

Amadu noted that five local government areas of the state with no presence of financial institutions were targeted for the exercise, adding that “the essence of this financial inclusion drive is to create an avenue where this segment of the society (youths and women) who are vulnerable, especially in accessing financial services, will come and access the these services free of charge for a whole week.”

He explained that the drive is critical to economic development as financial inclusion benefits economies as well as individuals.

According to him, financial inclusion is also important for households and businesses because interacting with formal systems allows individuals to keep their finances safe in saving accounts.

“It also provides businesses the opportunities to access available credit opportunities/loans and encourages the habit of investment,” he said.

He further noted that financial inclusion in the state is between 10 and 15 per cent, hence its selection as of the targeted states for the exercise.

“And that’s why the CBN selected Jigawa as one of the states to benefit taking into cognizance the LGAs that have no presence of financial institutions like Kiyawa, Miga, Roni and Buji, among others,” he said.

On his part, the Jigawa State governor, Alhaji Muhammad Badaru Abubakar, represented by his deputy, Alhaji Umar Namadi commended the CBN for the initiative, saying that it would along to enhance the economy and Growth Domestic Product (GDP) of the state.

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