Federal Government launches Nigerian Economic Recovery & Growth Plan, highlights key strategies to drive inclusive growth

Inside this issue:

Governance 2-3

Spotlight: Key Find- 4-5 ings—EFInA 2016 A2F

Digital Financial Inclu- 6 sion

Microfinance 7

Special Interventions 8

Financial Literacy 9 L-R: Minister of Budget & National Planning, Senator Udoma Udo Udoma; Vice-President , Yemi Osinbajo; Pres- ident Muhammadu Buhari; Senate President, ; Speaker House of the Representative, Yakubu Photorama 10 Dogara at the Launch of Nigerian Economic Recovery & Growth Plan at the Presidential Villa in Abuja.

Download full plan: http://www.nationalplanning.gov.ng/images/docs/ERGP%20%20CLEAN%20COPY.pdf Strategic Engagements 11-13 President Muhammadu in industry, manufacturing and The plan recognizes the need to Buhari launched the Eco- key services by leveraging sci- deepen the financial services Data Management 14 nomic Recovery & Growth sector as one of its key strate- Activities ence and technology. Plan (ERGP) for the Nation gies to drive inclusive growth. in April,2017. Secondly, the Plan aims to International Financial 15-16 The ERGP is a medium- invest in the Nigerian people It further highlights the key activ- Inclusion News term plan (2017-2020) to by increasing social inclusion ities towards financial deepen- revive the Nigerian econo- for the poor and vulnerable ing as follows: Nigerian Financial 17-18 my from the current reces- citizens, reducing unemploy-  Strengthen the regulatory & Inclusion News sion. ment and underemployment supervisory frameworks. with greater focus on youth The plan has three main Article: Delivering For- 19 and investing in health and  Develop a structured afford- objectives to drive inclu- mal Financial Services education. able financing plan for the to Savings Groups: A sive and sustainable Finally, the ERGP aims to build real sector. handbook for Financial growth; a globally competitive econo- Services Providers  Develop policies engender- Firstly, the ERGP aims to my by increasing investment in restore growth through ing financial deepening and infrastructure (Power, Rails, financial product diversifica- Contact details 20 achieving macroeconomic and Roads amongst others), tion. stability and economic stimulating favorable business diversification with more environment to attract inves-  Stimulate financial Inclu- focus on agriculture, ener- tors and promoting digital-led sion initiatives to serve the gy and MSME led growth industry growth. bottom-of-the pyramid.

Successful implementa- tion of the ERGP Increased real GDP Reduced Inflation rate Reduced Unemployment rate growth from anticipated to result in: from from -1.54% to 7%. 18.55% to 9.90% 14.20% to 11.23%

May 2017, Volume 2, Issue 2 FINANCIAL INCLUSION NEWSLETTER National Financial Inclusion Governing Committee meets to drive Strategy Implementation 9th National Financial Inclusion Technical Committee Meeting

The 9th meeting of the National Financial 2. A Train the Trainer workshop on Finan- a workshop for Mobile Money Opera- Inclusion Technical Committee held on cial Literacy curriculum was conducted tors to improve financial inclusion Tuesday, April 4th, 2017. The meeting by the Consumer Protection Department related data and increase compliance was chaired by the Head, Research & of the Central Bank of (CBN) in with quality of data return rendition. Corporate Strategy Department of the collaboration with the Federal Ministry The Secretary, Mrs. Temitope Akin-Fadeyi National Pension Commission (PENCOM), of Youth & Sports. (Head, Financial Inclusion Strategy) also Dr. Farouk Aminu. In attendance at the 3. Data Management Activities—were re- presented the Key findings on the EFInA meeting were Directors and representa- ported as follows: Access to Financial Services 2016 Survey tives from member institutions. (See further details on page 4)  Online Geospatial Database on Finan- Key highlights of the meeting included cial Services—The upgrading and updat- Some of the Key deliverables agreed at the updates on the progress of Financial In- meeting included; clusion Working Groups presented by the ing of the existing geospatial maps of Chairpersons of each group (See details financial access points in collaboration  Publication of the approved Bancas- with the Nigeria Inter-Bank Settlement on page 3). surance Implementation Guideline by System (NIBSS) and the Gates Founda- the National Insurance Commission The Head, Financial Inclusion Secretariat tion had commenced . (NAICOM). (FIS) Mrs. Temitope Akin-Fadeyi provided an update on the key strategic engage-  Financial Inclusion Supply-Side Online  Approval of risk-based, three-tiered Survey : The Secretariat had drafted ments and activities of the Secretariat as Know Your Customer (KYC) framework the questionnaire that would be admin- highlighted; for the Capital Market. istered to Financial Service providers 1. National Financial Inclusion Stake- with the aim of getting feedback on the  Investigation & Resolution of Challeng- holders Retreat: The maiden retreat level of their awareness, commitment es encountered with Bank Verification held in January, 2017. The activities to financial inclusion and key implemen- Number involved presentations on strategic tation issues. initiatives , discussions on the chal-  Review of the National Financial Inclu- lenges with implementation of Na-  Financial Inclusion Data Workshop with sion Strategy by end of 2017. tional Financial Inclusion Strategy Mobile Money Operators— The Secre-  National Cash Transfer Office (NCTO) and also the development of the tariat in collaboration with Banking and as a member of the Working Group. work plan for 2017. Payments System of the CBN organized

At the end of the meeting, the Head, FIS presented some key issues for members to consider regarding the 2016 EFInA Survey:

2 May 2017, Volume 2, Issue 2 FINANCIAL INCLUSION NEWSLETTER

9th Financial Inclusion Working Group Meetings

CEO, EFInA - Mrs. Chidinma Lawanson presenting the Key Financial Inclusion Fellow, Mr. Johannes Prochazka presenting the Findings of the 2016 Access to Financial Services in Nigeria Survey Gap Analysis on the Work Plan for FICWG at the meeting at the 9th Working Group meeting

The Financial Inclusion Working Groups held their 9th meeting at the International Training Institute, Abuja on 3rd April, 2017. The major highlights of the meetings included an update on strategic engagements to promote financial inclusion in Nigeria and initia- tives by various institutions on assigned roles and responsibilities. Other highlights from the meetings included:

Financial Inclusion Products Financial Inclusion Channels Work- Financial Literacy Working Financial Inclusion Spe- Working Group (FIPWG) ing Group (FICWG) Group (FLWG) cial Interventions Work- ing Group (FISIWG) 1. Update on implementa- 1. Implementation of the Shared 1. Curriculum Development: tion of Bancassurance Agent Network: NCC had hired a The stand-alone curriculum 1. Government Enter- Framework: The Revised consultant to conduct a study on for financial education for prise and Empowerment Guidelines on Bancassur- the cost of Unstructured Supple- Nigerian schools had been Programme (GEEP): ance Referral Model had mentary Service Data (USSD) to developed. The second More than 21,000 Wom- been published by the address the challenge of high phase - development of en had been registered CBN. NAICOM expected to charges. Teacher’s Guide expected to to participate in the Con- also publish its Guidelines 2. Distribution channels for the be concluded by Septem- cessionary loan of for the insurance sector. Capital Market: The Securities and ber, 2017. N10,000 to N50,000 mapped out for dis- 2. Draft Micro pension Exchange Commission (was yet to 2. Mass Sensitization & bursement. guideline: Draft guidelines approve the proposed structure of Awareness: The Nigerian still awaiting the approval capital market distribution fees Stock Exchange organized 2. Scaling up of Dis- of National Pension Com- and the risk-based three-tiered a Financial literacy pro- bursement of Micro, mission Board. KYC for the capital market prod- gramme “Investor Clinic3” Small and Medium En- ucts. 3. Harmonization of Data targeting the youth - It en- terprises Development Capturing for National ID: 3. Internet connectivity in rural tails visits and tour to the Fund (MSMEDF) to Peo- Ongoing collaboration areas: Network Provider for North organization. Almost 3,000 ple With Disabilities with international Donor Central and Lagos had com- Youth engaged so far. (PWD): 150 potential beneficiaries per state of Agencies to accelerate menced laying Fiber-Optic Technol- 3. Financial Literacy Stake- the Federation were issuance of a unique iden- ogy in identified under- and un- holders Conference: The identified, analyzed and tifier for specific vulnera- served areas conference earlier sched- authenticated by the ble persons. uled to hold in May 2017 4. Roll-Out of Cashless Policy: The CBN . Pre-disbursement had been postponed. 4. Enlightenment campaign CBN had reintroduced Cash De- trainings held in April, on financial inclusion: The posits withdrawals charges. How- 4. Global Money Week: 2017 across 12 pilot NDIC commenced sensiti- ever, the Policy was subsequently Members shared their initia- states (2 per geo- zation in the FCT for the suspended. tives around commemorat- political zone). informal sector. ing the Week. The Nigerian 5. Disbursement of conditional 5. Update on Financial Inclu- Cash Transfer of N5,000 to the Stock Exchange engaged sion Strategy for Capital Extreme poor had commenced at 2,433 participants while Markets : The document the pilot states, anchored by the Union Bank mentored had been exposed to National Cash Transfer Office 3,105 Students. Capital Market Operators (NCTO). The NCTO was an Observer for final input. at the meeting.

3 May 2017, Volume 2, Issue 2 FINANCIAL INCLUSION NEWSLETTER

SPOTLIGHT: Key Findings - EFInA Access to Financial Services 2016 Survey

Figure 1: Financial Access Strands in Nigeria, 2016

In March, 2017, Enhancing  18.4m adults (19.1%) get their main 41.6% in 2016 (See figure 1). Financial Innovation and source of income from subsist- According to the report, the key factor Access (EFInA) released ence/commercial farming. responsible for the increase in exclusion the findings from its survey  18.9m adults (19.6%) get their main rate (from 39.5% to 41.6%) was the on Access to Financial Ser- source of income from own business challenging economic environment in vices (A2F) in Nigeria 2016 (non-farming). 2015-2016 which had a direct negative - a biennial survey which effect — low employment rate, lower dis-  7.9m adults (4.2%) get their main constitutes an important posable income and Increasing inflation source of income from the formal sec- tool to measure financial rate with greater impact felt by the bot- tor. Inclusion landscape and tom -of -the -pyramid. provides stakeholders with  21.8m adults (22.6%) have no formal The key concern from the survey was trend analysis of access education. and usage of financial ser- the financial exclusion trend across vary- vices in Nigeria. The key highlight of the survey was the fi- ing regions in the country. The North nancial exclusion rate which slowed over a West witnessed the highest increase in The survey was conducted 2 (two) year period from 39.5% in 2014 to financial exclusion rate from 56% in in collaboration with the Nigerian Bureau of Statis- tics (NBS) and about 23,000 adults were enu- merated. It measured fi- nancial access strands by products across demo- graphic and socio – economic segments in the country. The survey revealed the profile of the adult popula- tion as follows:  The total adult popula- tion (18 years and above) of Nigeria put at 96.4 million.  59.6m (61.9%) are based in rural areas.  56.2m adults (58.3%) are under 35 years. Figure 2: Financial Access by Geo-Political Zones

Source: http://www.efina.org.ng/assets/A2F/2016/Key-Findings-A2F-2016.pdf Continued on page 5 4 May 2017, Volume 2, Issue 2 FINANCIAL INCLUSION NEWSLETTER

SPOTLIGHT: Key Findings—EFInA Access to Financial Services 2016 Survey

2014 to 70% in 2016, financial exclu-  Access to Insurance increased recommendation for financial ser- sion in the North Central increased marginally from 1% in 2014 to 2% vices providers towards improving from 33% in 2014 to 39% in 2016, in 2016. technology platforms, new product the exclusion rates in the South East streams (non-interest finance), The EFInA Survey provides a huge op- also increased from 25% to 28%. increased visibility of existing portunity for both sectors to deep dive branches and enhanced customer By contrast, improved performance and proffer solutions for improved ac- service. was reported for the South-West cess to critical financial services. Other which witnessed financial exclusion identified opportunities from the Sur- In summary, the report is a call to rate decrease from 25% in 2014 to vey also include: action for Financial Services Pro- 18% in 2016, resulting in the region viders to develop targeted out-  Large numbers of unbanked peo- surpassing the target for 20% exclu- reach and innovations, leveraging ple, not just at the base of the pyr- sion rate by 2020. on digital platforms to reach the amid which could be targeted with excluded population. Significant progress was also recorded financial services. in the North-East with financial exclu- It is important for all stakeholders  A broad range of relevant products sion rate decreasing from 68% in to ensure that replicable lessons and services (micro-insurance, 2014 to 62% in 2016 while the South- are learnt from regions with im- micro-pensions, etc.) that can be South also improved from 33% to 31% proved access to financial ser- provided through digital and non- (See Figure 2). vices. digital channels could be deployed The survey also revealed the progress The Federal Government also has on National targets as set in the Na-  Focus on the MSMEs, agricultural a huge role to play in terms of pro- tional Financial Inclusion Strategy as producers, households and indi- vision of necessary infrastructure follows; viduals, especially those in the and social interventions to ulti- informal sector mately alleviate people out of pov-  Access to payment channels in- erty. creased from 24% in 2014 to  Focus on women and youth 38% in 2016. (under-served groups), to reverse It is pertinent to note that the Fed- loss of productivity to the econo- eral Government has critical roles  Access to savings products in- my. to play in supporting the economic creased from 32% in 2014 to The Survey also revealed the emer- citizenship of its adult population. 36% in 2016. gence of “lapsed users” (previous us- This will go a long way in bridging  Access to credit remained at 3% ers of financial services that chose to the gaps on “economic inclusion” between 2014 and 2016. self-exclude) either due to tough eco- of the poor by way of employment and income generation as a basis  Access to pension also remained nomic situation, lack of trust in the for sustainable financial inclusion at 5% between 2014 and 2016. financial system or distance to finan- cial access points. The report provides in the country.

Figure 3: Profile of the Financially Excluded adults in Nigeria

Full Report available at : http://www.efina.org.ng/assets/A2F/2016/Key-Findings-A2F-2016.pdf Continued from page 4 5 May 2017, Volume 2, Issue 2 FINANCIAL INCLUSION NEWSLETTER

DIGITAL FINANCIAL INCLUSION FinTechStage Inclusion Forum advocates innovations in Regulatory Supervision

A FinTechStage Inclusion Forum was Studies on various financial organized by the Bill & Melinda inclusion innovations around Gates Foundation at the Balai the world. Sidang Convention Center, Jakarta –  Regulator–Innovator Dia- Indonesia from March 22nd – 24th, logue – Work sessions for regu- 2017. latory bodies and innovators to discuss challenges for regulat- The forum was aimed at accelerat- ing the dynamic Fintech space ing international collaborations be- and foster global collaboration tween innovators and regulators in between stakeholders. ways that deepen financial inclu-  RegTech for Regulator Ac- sion. celerator (R2A) program: Expert

session to explore how Regula- The Forum focused on Regulatory tors could leverage technology Technology (also known as RegTech) advancements to improve su- i.e. the application of innovative Nigerian delegates at the FinTechStage Inclusion forum. pervision and policy making. technology to address regulatory challenges in the financial sector; ment’s Conditional Cash Transfer Pro- and provide a platform for RegTech grammes) and Qrios Networks (Independent In summary, opportunities exist companies, financial institutions and Consultants to the Bill & Melinda Gates Foun- for strengthening Nigeria’s pay- regulators to learn from each other, dation in Nigeria). ment systems to further deliver update on current trends and identi- low cost, high volume, financial fy/project new areas of application. Key highlights of the Forum included: services that work for the bot- tom of the pyramid. At the end  The Level One Project - Design principles Delegates from Nigeria were drawn of the forum, participants were and system components for the delivery of low enjoined to explore the develop- from the Central Bank of Nigeria, cost, high volume, digital liquidity and financial Nigeria Inter-bank Settlement Sys- ment of RegTech Sandbox for services that work for the poor around the expanding innovation around tem, Lagos Business School, MTN world. Nigeria (Mobile Financial Services access and usage of digital fi- Department), Venture Garden Group  FinTech Global Show Case – Panel ses- nancial services, particularly in (Consultants to the Federal Govern- sions on Digital Financial Services and Case remote and underserved areas.

Visual Representation of the Level One Project Source: http://www.ftsinclusionforum.com/media-library/ For the Full report, visit: http://www.ftsinclusionforum.com/

6 May 2017, Volume 2, Issue 2 FINANCIAL INCLUSION NEWSLETTER

MICROFINANCE MoneyTrust Microfinance Bank commences operations, targets 50% of the country’s unbanked population

moting Financial Inclusion in the country. Mr. Chike Memeh, Chief Executive Officer of the Bank stated that MoneyTrust MFB was going to focus spe- cifically on the ‘Mom-Preneur’ (MP) targeting women empowerment, the ‘Youth-Preneur’, targeting innova- tion and ‘enterprise’ relating to pool funds manage- ment and a cooperative partnership plan. The CEO of the bank also laid out his plans to focus on a micro-health scheme while catering to various ca- dres in the public, he went on to add during his re- marks that the bank’s operations would be largely driven by innovation. Mr. Memeh also harped on the banks plan to incorpo- rate good governance with a solution centric approach Chief Executive Officer of MoneyTrust MFB, Mr. Chike Memeh (middle) in reaching about 50% of Nigeria’s unbanked popula- tions MoneyTrust Microfinance Bank (MFB) a multi-purpose MFB In addition to regular products offered by financial was recently licensed by the Central Bank of Nigeria (CBN) institutions, MoneyTrust MFB will offer unique prod- to carry out key responsibilities pertaining to serving the ucts targeted at kids, youth, parents, small business low income, bottom of the pyramid Nigerians thereby pro- owners, associations, religious bodies and others.

Source:https://guardian.ng/business-services/moneytrust-mfb-targets-50-per-cent-under-bank-population/

FINCA Microfinance Bank wins Best Agency Banking provider for 2017

At the Cashless Africa award unlimited access to all the and expo organized by Mo- services offered by the Bank bile Money Africa in March, especially unlimited, se- 2017, FINCA Microfinance cured, reliable and conven- Bank was provided with the ient product and services. ‘Best Agency Banking Provid- He noted that in the near er’ award. future, these services will The award which is organized also extend to non-FINCA for individuals and business- clients as well. es operating in the Agent Lastly, he noted that FINCA Banking space in Nigeria is would continue to offer sim- dedicated to acknowledging ple but innovative financial creativity, commitment and FINCA Nigeria Representative receiving the Agency Banking Award solutions including savings, excellence in the digital fi- term deposits, loan products nancial services across Africa Mr. Azeez Ibraheem thanked the organizers for the and Digital Financial Ser- Receiving the award, the award, stating that the institution aimed to use uncon- vices to help clients effec- Chief Executive Officer, rep- ventional methods to focus on the unbanked, bottom tively manage their money, resented by the of the pyramid Nigerians. develop a savings culture to save for the future and grow Product/Channel Develop- He also stated that the launch of FINCA’s agency their businesses. ment & Research Manager, banking model for its clients will provide them with

Source: http://nigeria.finca.org/news/finca-microfinance-bank-wins-best-agency-banking-provider-2017/

7 May 2017, Volume 2, Issue 2 FINANCIAL INCLUSION NEWSLETTER

SPECIAL INTERVENTIONS MSMEDF: CBN Conducts Pre-disbursement Workshops in 12 States

The Central Bank of Nigeria Small and Medium Enterprise Development Agency of Highlights of the workshop (CBN) conducted workshops Nigeria (SMEDAN); state chapters of the Joint National across the 12 states includes for the Persons With Disabili- Association of People with Disabilities (JONAPWD); and the identification and authenti- ties (PWDs) in 12 states of the branch offices of participating financial institutions (PFIs) cation of participating PWDs, federation preparatory to the as well as presentations by disbursement of the 2% of the the CBN and SMEDAN. Micro, Small and Medium Enterprise Development Fund The PFI’ branches also mar- (MSMDEF), earmarked for keted their products prepara- them. tory to enabling the PWDs take informed decisions on appro- The pre-disbursement work- priate institutions to partner shop was conducted in Cross with in applying for the loans. River, Akwa Ibom, Ebonyi, Anambra, Benue, Nasarawa, At the end of the training, Kano, Jigawa, Taraba, Gombe, participants were assisted to Oyo and Ondo, with an aver- open accounts with the PFIs of age of 150 PWDs per State in their choice with a view to attendance. commencing the processes for loan application and disburse- It was jointly facilitated by the Senior Special Assistant to the President on Disability Matters, ment. CBN branches across the Dr. Victor Ankeli (middle) with participants at the pre- disbursement training in Nassarawa State country; state offices of the

FG pledges N1.6bn for Women Empow- Banks Urged to Set Up Sign erment—International Women’s Day Language Desks

As part of the 2017 Interna- President, Muhammadu Buhari tional Women's Day celebra- intended to personally ensure tions which took place on the that the sum of N1.6B was set 8th March, 2017, the Acting aside for the National Women’s President Prof. Yemi Osinbajo Empowerment Fund which reaffirmed the commitment of would be called the ‘Jarin Mata the Federal Government to fund’. Women Empowerment. Other key messages contained He did this while delivering a in the Acting presidents mes- message to Nigerian women sage to women included; recognizing and appreciating the very valuable work done, “While we have made some CBN team with participants at the Customer Forum in and role played by women over progress over the years con- the years. necting women and girls with The President, Nigerian Na- According to him, people with opportunities, there is still so tional Association for the disabilities (PWD) in Nigeria The Acting President stated much more to do. We must Deaf (NNAD), Alhaji Dagbo were faced with challenges, strive to use our laws, cultural that women in our society con- Suleiman Saka, has made a which continued to alienate and religious institutions as them from the society, add- tinued to contribute to national case for sign language desks well as our resources to em- ing that even the skilled development while working power women, give them op- to be set up in banking halls among them found it hard to within and outside the home as portunity, and protect their across the country. integrate into their respective well as in public life. Reiterat- rights to a safe, healthy, stable societies. He therefore urged ing that in some cases even, life in our country. He made the call at the just- the CBN to direct Deposit women had become the sole “We are determined that concluded CBN customer Money Banks (DMB) in the providers for their families. Nigerian women will live to forum in , Kwara State, country to set up sign lan- fulfill their aspirations in a saying that such a move guage desks in some of their He went on to state that the peaceful and prosperous would attend to the needs of major branches across the federal government led by country. deaf and dumb customers. country.

Source: http://blogs.cfr.org/women-around-the-world/2016/12/01/new-tools-increase-womens-financial-inclusion-in-nigeria/

8 May 2017, Volume 2, Issue 2 FINANCIAL INCLUSION NEWSLETTER

FINANCIAL LITERACY Financial Literacy Training of Trainers Workshop in preparation for the NYSC Peer Educator programme for Financial Inclusion A Financial Literacy training of the topics which were facilitated trainers (TOT) workshop was orga- along with key learning activities were nized by the Consumer Protection as follows; Department of the Central Bank of Nigeria in February, 2017 as part  Needs and Wants of efforts to prepare for the NYSC  Record Keeping and Cash man- Peer educator programme sched- agement uled for the 2nd Quarter of the  Household financial manage- year. ment The 5 (five) day workshop featured  Financial Environment participatory sessions during which  Financial Consumer rights and participants were trained on effi- responsibilities cient methods to deliver presenta-  Frauds and Scams tions, capture the target audience Participants at the Training of Trainer Workshop  Me and my business and pass on key messages relating to financial literacy and capability. Protection Department, CBN and the Financial At the end of the training session, Participants at the session includ- Inclusion Secretariat participants were able to learn about ed staff from the Federal Ministry The participants were grouped and assigned various concepts within the financial of Youth and Sports, Nigerian De- topics to facilitate over the course of the week services sector and gain hands-on posit Insurance Corporation, Na- in other to gain hands on experience for provid- experience on training low income tional Pensions Commission, Asso- ing consumer education to Nigerian Youth corps Nigerians/people at the bottom of the ciation of non-Bank Microfinance members who would in turn provide financial pyramid on the benefits of being fi- Institutions in Nigeria, Consumer literacy to peers in their community. Some of nancially capable.

Stakeholders participate in 2017 Global Money Week (GMW) activities to promote Financial literacy in Nigeria

The annual Global Money Week with Access Bank Plc and themed ’Learn. Earn. Save’ took AIESEC Nigeria to properly en- place from the 27th March to 2nd gage the youth on the basics of April, 2017. This year, several insti- the financial sector specifically tutions participated in the week’s investing, saving and entrepre- activities by sending delegations to neurship. schools across the country in com- memoration of the GMW. The NSE held a closing Gong ceremony which was attended As part of the weeks activities, a by students who were on an financial literacy day was set aside Commemoration of the 2017 Global Money Week at NSE excursion to the exchange. The and Deposit Money Banks were students were also provided mandated to adopt 30 schools with the opportunity to interact across the 6 (six) geopolitical zones with the executive management in the country. The Banks provided of the Exchange. the students in each school with key information on the financial sector The Junior Achievement of Nige- in order to enable them make in- ria (JAN) supported the Global formed decisions. Money Week activities by the development of a curriculum on The Nigerian Stock Exchange also financial literacy for students played a major role in this year’s which was used nationwide. Global Money Week by partnering Financial Literacy day organized by Fidelity Bank Plc.

Source: http://authorityngr.com/2017/04/NSE-celebrates-2017-Global-Money-Week-/ , http://www.financialnigeria.com/cbn-marks-global-money-week-2017-

9 May 2017, Volume 2, Issue 2 FINANCIAL INCLUSION NEWSLETTER Photorama

CBN Financial Inclusion delegation with the Executive Governor of Kwara State, His Strategic meeting with the Permanent Secretary, Federal Ministry of Youth and Sports Excellency, Mr. Abdulfatah Ahmed and the Deputy Governor ,Elder Peter Sara Kisira Development to discuss the NYSC Peer educator Programme for Financial Inclusion

Signing of the Memorandum of Understanding between ANMFIN and NICON Financial Inclusion Secretariat receives Award for ‘Best Supporting Partner in promoting Financial Insurance towards participation in the Government Enterprise and Empowerment Inclusion” at the 2017 Annual General Meeting of the Association of Non-Bank Microfinance Programme (GEEP) Institutions of Nigeria (ANMFIN)

CBN Financial Inclusion delegation with the Executive Governor of , His Excellency—Rt. Hon. Ifeanyi Ugwuanyi Participants at the Financial Inclusion Workshop in

Participants at the Financial Inclusion Workshop in Enugu State Diamond Bank partners Bank of Industry (BOI) on GEEP disbursement

10 May 2017, Volume 2, Issue 2 FINANCIAL INCLUSION NEWSLETTER

STRATEGIC ENGAGEMENTS

Netherland’s Ambassador to Nigeria reaffirms Queen Maxima’s support for Financial Inclusion in the Country.

The Ambassador of the Kingdom of the Netherlands to Nigeria, Mr. John Groffen has reaffirmed the sup- port of her Excellency, Queen Maxima of the Nether- lands to improving Financial Inclusion in Nigeria. The Ambassador did this during a courtesy call made by the Financial inclusion secretariat (FIS) to the Em- bassy on the 3rd March, 2017. During the visit, the Head of the Strategy Coordination Office (FIS), Mr. Joseph Attah presented the current state of financial inclusion in Nigeria, including initia- tives deployed to successfully implement the National Financial inclusion Strategy launched in 2012. Mr. Attah stated that the visit was necessary since The Financial Inclusion Secretariat delegation led by Mr. Joseph Attah (Head, Strategy Coordi- nation Office) presenting the National Financial inclusion Strategy to Ambassador John Groffen. Her Majesty, Queen Maxima of Netherlands, the UN Secretary-General's Special Advocate for Inclusive Finance for Development (UNSGSA) supported the Lastly, the Ambassador stated stated that Nigeria had a lot to launch of the Strategy in 2012. that Queen Maxima had ex- learn from the Netherlands which The Ambassador thanked the team for the visit and pressed an interest in re-visiting had achieved 99% inclusion and mentioned that it was pertinent for Nigeria to further Nigeria to follow up on the imple- would appreciate continued col- leverage Mobile Money Services to reach the rural mentation of the Strategy due to laboration in the implementation unbanked in the country. He also stated that while her passion and commitment to of the Strategy. cultural barriers may play a role in low financial inclu- Financial Inclusion in Nigeria. sion in some areas, and urged the Secretariat to look At the end of the visit, Mr. Attah into deploying solutions to bridge the cultural barriers.

Financial Inclusion Ambassadors of the Bayero University, Kano strive to raise awareness in .

The Financial Inclusion Ambassadors of achieve 80% inclusion rate for adult the Bayero University, Kano (BUK) came Nigerians for 2020 was set in the on a Study visit to the Central Bank of National Financial Inclusion Strategy Nigeria (CBN) in February, 2017 to ac- and that several initiatives and inter- quaint themselves with the National ventions had been deployed to Financial Inclusion Strategy. achieve the target set. The visiting team comprising 12 stu- At the end of the session, the Ambas- dents from various Departments of sadors delivered a presentation of Bayero University Kano were led by Dr. their own highlighting their vision and Musa Abdullahi Bayero of Department of mission to improve awareness on Management Sciences of the University. financial inclusion in Kano State and Mr. Garzali Mohammed - Strategy Coordination Officer (FIS) across the country. presenting to the Students During the 2 (two) day visit, presenta- tions were made by several depart- Following the visit, the Ambassadors ments providing insights into the opera- invited the Financial Inclusion Secre- tions of the Central Bank of Nigeria in- tariat to participate in the Global Mon- cluding the Strategy Management De- ey Week celebrations in March, partment, Development Finance Depart- 2017. ment, Banking and Payment Systems A paper presentation was delivered Department, Consumer Protection De- on the financial inclusion journey so partment and the Shared Services Of- far in which major barriers to financial fice. inclusion and the interventions to The Financial Inclusion Secretariat also address them, particularly in Kano delivered a presentation to the team State were provided. Participants at the 2017 Global Money Week session organized highlighting the fact that a target to by the Financial Inclusion Ambassadors, BUK 11 May 2017, Volume 2, Issue 2 FINANCIAL INCLUSION NEWSLETTER

STRATEGIC ENGAGEMENTS Monitoring visits to follow-up on National Financial Inclusion Strategy implementation at State Level

Osun and Ogun States

tee for the breakdown of national  Define specific measures on how targets for each Deposit Money to achieve set FI targets (e.g. Bank stating that targets for all oth- number of ATMs, number of er sectors would be broken down agents, and number of new cus- appropriately subsequently. tomers Some of the key recommendations  Ensure consumers of financial for each stakeholder group in each services are adequately protect- state were identified as follows; ed. 1. State Government: At the end of the visits and based on  The need for state govern- interactions with the stakeholders at ments to collaborate with CBN, the state level, some of the following other regulators and service key actions were recommended by providers to develop and imple- participants for improved access to ment State-specific FI initia- finance in the state; Participants during the Stakeholder Engagement tives.  In tackling inflation in the Coun-  The need for government to try, the participants were of the The Financial Inclusion Secretariat (FIS) under- make Financial Inclusion an opinion that the CBN should took engagement/follow up visits to Osun and important subject in a Unit un- consider the populace who are Ogun states from 6th February, 2017 to 10th der the Governor’s Office. at the receiving end of the poli- February, 2017. The visits were aimed at moni- cies by taking actions that could toring financial inclusion strategy implementa-  The need for the State Govern- make interest rates plummet. tion activities of stakeholders and discussing ment to Identify existing initia- Exchange rate policies, they said ways to improve financial inclusion rates in the tives which have potential to should also be stabilized for states. There were meetings with the following enhance financial inclusion them to make informed econom- stakeholders: CBN Branch Staff and Financial and support them e.g. State ic decisions. Service Providers in Osun and Ogun States. MFB License and capacity building for existing ones.  The financial service providers in The visits in each state featured a paper presen- the rural areas should leverage tation by the Financial inclusion Secretariat (FIS) 2. Financial Services providers: on renewable energy to support on the National Financial Inclusion Strategy To mobilize savings and increase their functions. (NFIS) implementation process highlighting that customer base, FSPs should: financial exclusion rates in Osun and Ogun  The DMBs should ensure they States which were 25.6% and 31.0% respective-  Perform analysis of financial attend Bankers Committee meet- ly. needs of the financially exclud- ings at state level so that they ed and customize services that can leverage on the opportuni- The FIS team iterated that these exclusion fig- meet the needs e.g. MSMEs ties available to reach the un- ures led to the approval of the Bankers Commit- banked.

Kogi and Kwara States Governor of Kwara calls on CBN to strengthen Microfinance Banks

At the Financial Inclusion state engage- sion by ensuring that all internally ment to promote financial inclusion in generated revenue collection pro- Kwara State, the State Governor Alhaji cesses are digitized. Abdulfatah Ahmed urged the Central During the meeting, the Governor Bank of Nigeria to improve the compli- also explained that his government ance level of Microfinance Banks in the was working to broaden people's in- country. clusion by imbibing a culture of bank- ing through the web. He made this statement as he disclosed During the state visits to both Kogi the commitment of the state govern- and Kwara States, technical papers Kwara State Governor during the Financial Inclusion ment to promote digital financial inclu- Engagements in Kwara State Continued on Page 13 Source: http://ilorin.info/fullnews.php?id=20709 12 May 2017, Volume 2, Issue 2 FINANCIAL INCLUSION NEWSLETTER

STRATEGIC ENGAGEMENTS

Continued from Page 12

featuring the National Financial Inclusion Strate- gy (NFIS) implementation process and the im- pacts at national was presented to the identified stakeholders. The paper stressed that exclusion rates in Kogi and Kwara States which were 31.8% and 26.0%, respectively called for concerted action if the 2020 targets would be reached. To this end, it was unanimously agreed that there was a need for stronger push, particularly in the Formal oth- er sector comprising Microfinance, Insurance, Pension and Non-interest insurance, Mobile Money, among others. The critical role of State Governments in advancing the economic poten- tials of their citizens was therefore stressed as central to financial inclusion within the states. Mrs. Temitope Akin-Fadeyi (Head, Financial inclusion Secretariat) presenting a paper to the State Executive Council in Kwara State

Ebonyi and Enugu States

He also highlighted that Ebonyi has low IGR because of its farming-based rural popula- tion and beckoned on the CBN to disburse MSMEDF to farmers in the State, especially through the Anchor Borrowers project. The Governor also expressed concern over the lack of adequate security at bank branches stating that the Nigerian Police needed to do more. He suggested that the CBN and the Commercial Banks use tech- nology such as CCTV to link and monitor major locations where banks are sited. In Enugu State, the State Governor stated that the Government was already giving un- CBN Financial Inclusion delegation with the Executive Governor of , conditional cash transfers to selected citi- His Excellency— Mr. Dave Umahi zens in the State to boost the trading activi- ties.

The Financial Inclusion Secretariat the Secretariat on the exclusion He highlighted that the state government (FIS) undertook engagement visits to rate in each state followed by specifically deployed Soldiers to crime Ebonyi and Enugu States from 8th interactive sessions on the best prone locations to allow Banks carry out May, 2017 to 12th May, 2017. way to move financial inclusion their businesses. forward in each state. The objective of the engagements At the end of the visit, stakeholders in both was to sensitize and update the In Ebonyi State, the state gover- states agreed to embark on initiatives that stakeholders in each state on the nor agreed that all Stakeholders would promote financial inclusion in the Implementation of the National Fi- need to exact more effort to- region and in Enugu and Ebonyi states spe- nancial Inclusion Strategy (NFIS). wards achieving 80% financial cifically. Inclusion. He however urged the The state visits included engage- Federal Government and the ments with Financial Service Provid- ers and State Government in which Central Bank of Nigeria to pay technical papers were presented by more attention to Ebonyi State.

13 May 2017, Volume 2, Issue 2 FINANCIAL INCLUSION NEWSLETTER

DATA MANAGEMENT ACTIVITIES

Financial Inclusion Secretariat meets with Deposit Money Banks to review progress on the approved Targets for National Financial Inclusion Strategy Implementation

Financial Inclusion Secretariat with Sterling Bank implementation team Financial Inclusion Secretariat with Fidelity Bank implementation team

In furtherance of the mandate by the mentation actions, key issues and field surveys to ascertain the Nigerian Bankers’ Committee to delin- way forward. feasibility of the proposed eate the National Financial Inclusion During the technical paper presenta- sites. Targets for Deposit Money Banks, tion by the Financial Inclusion Secretar- Majority of the Banks have each institution was expected to sub-  iat, the global view of the financially deployed Agents in order to mit an implementation plan to achieve excluded population where over 2 bil- reach the mass market. Simi- the targets set. lion adults are estimated to be finan- larly, mass market retail prod- In order to sustain the shared commit- cially excluded was provided. Further ucts have been designed to ment towards the approved targets, drilling down to sub-Saharan Africa, it suit the needs of the custom- the Financial Inclusion Secretariat re- was revealed that Nigeria ranked top ers. viewed the Implementation Plans sub- on the list of Countries having the high- mitted and held review meetings with est exclusion rates among peer coun-  Banks have deployed Mobile Application solutions to ease 9 (nine) Deposit Money Banks in the tries. first quarter of 2017. access to and usage of formal Highlighting several interventions de- financial services (Bank on Basically, the review session aimed to ployed by several stakeholders to im- mobile phones). achieve the following objectives: prove the financial exclusion situation in the country, the session concluded At the end of the sessions, each  To ensure the implementation with a call to action to the Deposit mon- bank provided the Secretariat with plan submitted by DMBs align with ey Banks by imploring the banks to fully information on some of the chal- the goal of the 5-year target; implement the action-plans already lenges they were facing, charging the Secretariat to escalate where  To review what was achieved in submitted. required to the necessary stake- 2016 and the prospect for 2017. The Banks presented their updates on holder agencies on resolution. The Banks were represented by their the implementation of the 2016 finan- Financial Inclusion Leads, Heads of cial inclusion plans and the prospects The review exercise was a follow up Corporate Strategy and Chief Compli- for 2017 plans. They also provided to the 5-year Target setting exercise ance Officers. The following issues reports showing progress made under to drive the implementation of the National Financial Inclusion Strate- were featured: Branch and ATM expansion, Agent banking, Savings and Credit. The Banks gy which was undertaken with the Presentations by the Financial  have deployed innovative approach banking sector in 2016. Specific Inclusion Secretariat on overall towards reaching the unbanked and targets for all Deposit Money Banks implementation status across sec- (DMBs) were subsequently ap- under-served population. tors proved at the meeting of the Bank- Specific initiatives by the Banks to im- ers’ Committee held on June 9,  Progress update by the DMB’s on plement their work plans included the 2016. Sequel to this, all DMBs their 2016 implementation efforts following; submitted implementation plans on and key initiatives earmarked for how their approved institutional 2017.  Some Banks have applied to CBN for branch expansion while others targets would be achieved between  Interactive discussions on imple- are in the process of conducting 2016 and 2020.

14 May 2017, Volume 2, Issue 2 FINANCIAL INCLUSION NEWSLETTER International Financial Inclusion News The 9th Annual G-24/AFI Policy Makers Round table on Financial Inclusion

A Cross-Section of Participants at the 9th Annual G24-AFI Policy Makers Roundtable

On the 19th April, 2017 the Alliance In his key note address, Governor * The ongoing work to balance for Financial Inclusion (AFI) - hosted Ndulu noted the persistent challenges Fintech innovation and Financial the 9th Annual Policy Makers of de-risking and asked what actions Stability by the Financial Stability Roundtable meeting in Washington could be taken to address these is- Board (FSB). D.C. sues. The second session focused on finan- The Annual Policymakers roundtable The first session of the roundtable cial inclusion ‘gender gap’ issues and is a forum for discussing issues rele- focused on the challenges of de- recommendations from this session vant to Financial Inclusion particularly risking and the importance of new were as follows: in the developing countries, the fo- technology including rapid developing * A commitment by the Gender and rum is attended by members of Inter- fields of FinTech and RegTech. Some Women’s Financial Inclusion governmental Group of Twenty (G24). of the highlights discussed and rec- committee to halve the gender The G24 is a 24 country member ommendations includes: gap by 2021. group from across the world including * How de-risking impacts remittanc- * The need for better financial litera- Nigeria that coordinates the position es through continuous decline in cy and education programs tar- of developing countries on monetary the number of Mobile Transfer geted to address the needs of and development issues—In attend- Operators (MTOs) resulting in women. ance at the meeting were high-level higher costs and limited choices members of Alliance for Financial for consumers leading to their fall * A call to participants to prioritize Inclusion, International Monetary back in the informal sector gender disaggregated data to holistically understand the rea- Fund (IMF), Financial Stability Board * A call to donor support to build a (FSB) and The Bill & Melinda Gates sons and proffer solutions to gen- regulatory infrastructure needed der gap issues Foundation (BMGF) amongst others to meet the challenges of de- The focus for this year’s roundtable risking. discussion was “De-risking, Fintech & * The transformative impact of the As Nigeria is advocating for the adop- Gender” Mpesa in its 10th Anniversary as tion of digital financial services to drive inclusion, the deliberations at The meeting was opened by the Direc- the breakthrough achievements the meeting provides insight into tor of the G-24 Secretariat, Ms. of technology. deeper understanding on the im- Marilou Uy, followed by a keynote * The need to shift efforts from fi- portance of balancing Fintech and address from the AFI chairperson and nancial access to more emphasis regulation to engender innovation. Governor of the Bank of Tanzania, on usage and quality Benno Ndulu.

Source: http://www.afi-global.org/news/2017/04/de-risking-fintech-and-gender-focus-9th-annual-g-24afi-roundtable-washington-dc 15 May 2017, Volume 2, Issue 2 FINANCIAL INCLUSION NEWSLETTER

International Financial Inclusion News AFI Financial Inclusion Data and Strategy Peer Learning Group Members meet in Tajikistan

The 15th Financial Inclusion Data and alliance with the participants Framework for measuring the impact 10th Peer Learning Working Group of financial transaction costs on Finan- meeting held from 24th -28th April,  Group Members learnt how to align Sus- cial Inclusion Policies on targeted seg- 2017 in Tajikistan. In attendance tainable Development Goals (SDGs) with ments and, Financial Inclusion policies were working group members from their national strategies. on the informal sector. 47 countries including Nigeria.  Identification of policy topics that would At the end of the engagements, members be developed jointly by both working suggested a standard definition for green groups such as: Monitoring and Evalua- finance and the conduct of a case study on The chairman of the National Bank of tion (M&E) Guidance Notes for National socially responsible finance. Tajikistan, Mr. Jamsed Nurmahamad- Financial Inclusion Strategy (NFIS), zoda opened the meeting by welcom- ing participants and highlighting the progress made by Tajikistan in achiev- ing the Maya Declaration commit- ment target of 30% access to finan- cial services by the population of Ta- jikistan.

The AFI Deputy Executive Director, Mr. Norbert Mumba, emphasized the importance of the joint meeting by stating that the Financial Inclusion Strategy and data are mutually de- pendent in order to achieve respec- tive goals. Highlights from the meeting Include: Financial Inclusion Data and Strategy Peer Learning Group Members  Sharing of the implementation plan for positioning of working Source: http://www.afi-global.org/news/2017/04/afi-fid-working-group-and-fis-peer-learning-group-develop-joint-knowledge- groups for policy leadership products

Indonesia holds National Financial Inclusion Strategy Workshop

In April, 2017 The Financial Inclusion Secretariat facilitated at the workshop organized by World Bank and the Coordinating Ministry for Economic Affairs, Indonesia on the National Finan- cial Inclusion Strategy, delivering a technical paper on “Establishing Key Indicators for measuring Financial Inclusion

– Knowledge Sharing from Nigeria”. In attendance at the workshop were members of the National Council for Financial Inclusion, the Financial Inclusion Secre- tariat and Working Groups. Key Highlights at the workshop included; international experience sharing on implementing the national strategy for financial inclusion, operational struc- ture, coordination and evaluation mechanism, roles of the Secretariat as well as Working Groups The National Council for Financial Inclusion in Indonesia is chaired by the President, assisted by the Vice-President while the Coordinating Minister of Economic Affairs (CMEA) serves as the Executive Chairman.

Panelists (L-R): Mr. K. Srinivasan (Deputy General Manager, Reserve Bank of India), The Presidential Regulation No. 82 (2016) on the National Mrs. Temitope Akin-Fadeyi (Head, Financial Inclusion Secretariat) and I Gede Putra Strategy for Financial Inclusion (NSFI) was issued on Septem- Arsana (Financial Sector Specialist, World Bank - Jakarta) ber 1st, 2016 and the revised Strategy formally launched on November 18th, 2016. The National Strategy for Financial Inclusion Strategy (NSFI) targets to achieve a financial inclu- sion index of 75% by 2019 and 90% by the end of 2023. Source: World Bank –Jakarta

16 May 2017, Volume 2, Issue 2 FINANCIAL INCLUSION NEWSLETTER Nigerian Financial Inclusion News

Diamond Bank and Bank of Industry Partnership

Bank of Industry (BOI) is implementing a ₦140billion Government Enterprise and Empowerment Pro- gram (GEEP) Fund, which is part of the N500billion social intervention package from the Federal Gov- ernment of Nigeria. Under GEEP, BOI would be responsible for identifying and disbursing soft loans to 1.6 million beneficiaries nationwide, comprising market women, youth, artisans and farmers. . Dia- mond Bank is collaborating with BOI using BETA saving account as platform for the disbursement of loans to its beneficiaries.

Source : http://www.vanguardngr.com/2017/03/boi-diamond-bank-set-disbursement-n140bn-geep-fund/

Cellulant offers $100m micro loans to 600,000 farmers

The mobile commerce company, Cellulant is working on an arrangement with a consortium of financial sector institutions to provide farmers with a $100m micro loan facility between June 2017 to July 2018. This was made public through a report launched by cellulant highlighting the impact of technology in transforming agriculture across Africa, particularly with the Growth Enhancement Support Scheme (GES) Dry Season, 2016.

The project aims to target 1,736,445 farmers over the one year period providing food security and financial inclusion for farmers across 30 states.

For more information visit: https://guardian.ng/features/cellulant-offers-100m-micro-loans-to-600000-farmers/

Empowering Retail Investors through Savings Bonds

In March 2017, the Debt Management Office began offering the Federal Government of Nigeria Savings Bond as part of its interventions to promote a savings culture among low income earn- ers with the added benefit of earning more interest in comparison to savings account with banks. The first savings bond opened for subscription on March 13, 2017 and ran for 5 days with a minimum subscription of N5,000 and a maximum of N50 million. The total amount raised at the end of the offer was N2.068 billion from 2,575 investors. In a statement made by the Director General of DMO, Dr. Abraham Nwankwo, Investors are able to subscribe through the over 100 stockbroking firms trading on the floor of the Nigerian Stock Exchange (NSE) and accredited by the DMO to act as distribution agents.

For more information visit: https://www.thisdaylive.com/index.php/2017/04/19/empowering-retail-investors-through-savings-bonds/

CBN Unveils Guidelines on Non-interest MFBs

The Central Bank of Nigeria has released guidelines on the regulation and supervision of non-interest (Islamic) microfinance banks in Nigeria. The guidelines issued to support the interests of micro clients not covered by conventional MFBs is expected to level the playing field between conventional MFBs and non-interest MFBs (NIMFB) ultimately contributing to the improvement of financial inclusion in the coun- try. Some of the prescriptions in the guidelines include the following;  A NIMFB shall be required to maintain not less than five per cent of deposit liabilities in liquidity management instruments compliant with the principles underpinning this model and as approved by the CBN  Capital Adequacy Ratio (CAR) of a NIMFB shall be measured as a percentage of shareholders’ funds unimpaired by losses to its risk weighted assets  The maximum amount which a NIMFB can invest in fixed assets is 20 per cent of its shareholders’ funds unimpaired by losses

For more information visit: https://www.thisdaylive.com/index.php/2017/04/17/cbn-unveils-guidelines-on-non-interest-mfbs/ 17 May 2017, Volume 2, Issue 2 FINANCIAL INCLUSION NEWSLETTER Nigerian Financial Inclusion News

Stanbic IBTC lauches MYSA to encourage Savings

The launch of a Max Yield Savings account (MYSA) was designed to incentivize its customers to adopt the culture of savings towards a specific project. The new product will help customers reach their savings target faster by offering an increased interest return on savings balances of with the National Financial Inclusion Strategy and N100,000 and above compared to the regular savings. the retail banking drive of the Stanbic IBTC Group.

According to the Head Personal Banking Stanbic IBTC, Nkolika Okoli The MYSA is targeted at individuals across all seg- the bank will continue to explore ways to develop financial solutions ments including artisans, students and salary ac- relevant to the financial and economic aspirations of Nigerians in line count holders among others.

Source : https://www.thisdaylive.com/index.php/2017/06/16/stanbic-ibtc-bank-supports-drive-for-savings-culture/

Osinbajo signs into law two bills to ease access to loans

The acting president, Yemi Osinbajo has signed into law two bills that will ease the challenges faced by Nigerians to access affordable credit and promote a favorable business environment. The new bills passed by the National assembly are the Collateral Registry Act, 2017 and Credit Reporting Act, 2017.

The Collateral Registry Act, 2017 seeks to address the major obstacle of accessing Micro Small Medium Enterprises by allowing the citizens to register their movable assets in the National Collateral Registry and use the same as collateral for loan acquisition. While the Credit Reporting Act, 2017 provides the platform for credit information sharing be- tween Credit Bureaus and lenders, enabling the lenders to make viable decisions on whether or not to extend credit to individuals. Together, these two Acts will drive growth of the private sector development by facilitating the achievement of the goals of Presidential Enabling Business Environment Council (PEBEC) .

Source : http://www.vanguardngr.com/2017/05/osinbajo-signs-laws-ease-access-credit-facilities-msmes/

The Association of Non-Bank Microfinance Institutions in Nigeria (ANMFIN) holds its 3rd Annual General Meeting.

The National President ANMFIN, Mr. Hamid Afolabi during its 3rd AGM in May, 2017 stated that the Association with mem- bership of over 4,000 microfinance institutions positioned the association to be one of the best institutions to promote rural and agricultural finance in Africa.

The president also highlighted that the association had developed technology platform for all non-bank microfinance institu- tions to accelerate access to finance using a technology driven platform called ANMFIN cloud. The software is expected to transform MFIs to do business and connect with other financial institutions through the association’s payment gateways.

During the AGM, awards were presented to various institutions among which the Financial Inclusion Secretariat was provid- ed with the award for the ‘best partner’.

Source: Financial inclusion Secretariat report on ANMFIN AGM 18 May 2017, Volume 2, Issue 2 FINANCIAL INCLUSION NEWSLETTER

Delivering Formal Financial Services to Savings Groups: A handbook for Financial Service Providers

For decades, Savings members of Saving Groups across 75 countries1 It also highlights the solu- groups (SGs) – A group with a total assets between $430million and $1.2 tions to overcome these of selected members billion*. Therefore Savings group are pathways for challenges – technological from within a community delivering formal financial services in new and un- advances, mobile penetra- who meet regularly to derserved markets. tion and partnership devel- save, have thrived in opment respectively. cushioning the immedi- ate needs of their mem- bers; they offer short The third section in the term-loans to partici- handbook provides a holistic pants in need to repay approach in the design and with an agreed interest. delivery of financial products to SGs as highlighted below; SGs are organized and trained in the basics of  Conducting Market As- saving and borrowing, sessment & Targeting however they are fraught  Designing consumer- with limitations in serv- centric products ing their members from limited range of products  Choosing Delivery Chan- to short tenors of loans nel for financial prod- and majorly the security ucts of the contributors  Collaborative partner- funds are not guaran- ship with stakeholders teed as funds are locked to deliver Financial Edu- in boxes. cation and Consumer Protection This handbook – a col-  Defining Success Fac- laborative effort between tors – Active accounts, the SEEP network, Mas- high average balances terCard Foundation, Members of a Savings Group and low operating cost CARE and other stake- holders – is a toolkit for financial service pro- The first section focuses on understanding the Sav- The final section calls for viders to leverage the ings Group market segment, its strengths and limi- deeper investigations and resources and pro- tations and identifying the value that can be added innovations in designing by FSP to meet the consumers need. it also high- consumer –centric products, cesses of established lights the potential benefits of access to formal engendering cross-sectoral savings group to deliv- financial services for both Savings group and FSPs; partnerships and under- er formal financial ser- standing SGs demand for vices. credit The second section provides insights into the three

(3) key barriers that impede FSPs participation in It seeks to highlight the the underserved market as; Download full handbook: untapped business op- http://reliefweb.int/sites/ portunities for Financial  Last Mile Delivery of services due to the re- reliefweb.int/files/ Service providers within mote location of customer base resources/Delivering-Formal the underserved market  Understanding the consumer needs and, -Financial-Services-to-SGs_A segment as an estimat- - H a n d b o o k - f o r - ed 14million people are  determining the business value for investors FSPs_2017.pdf

* Estimated total assets based on conservative estimate of 10-15 million active SGs, with average assets between $860 and $1,500

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The Financial inclusion Secretariat is the coordinating body for the implementation of the National Financial Inclusion Strategy in Nigeria.

The Secretariat is a liaison for all stakeholders in the Financial Inclusion space and is responsible for engaging, coordinating and evaluating initiatives geared towards the achievement of the Strategy targets.

This newsletter is a quarterly publication by the Financial Inclusion Secretariat and features industry news on financial inclusion as well as periodic updates on the progress of the implementation of the Strategy.

For further enquires and submission of articles for publication, please contact:

Head, Financial Inclusion Secretariat Central Bank of Nigeria Plot 33, Abubakar Tafawa Balewa Way Central Business District, Cadastral Zone, Abuja, Federal Capital Territory

Telephone: 0946237625 Email: [email protected] EDITORIAL TEAM:

Akin-Fadeyi, Temitope Attah, Joseph A. A Ogudu, George Abu, Sophia Umar, Zainab

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