By Munachimso Obienyi
The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, yesterday said the existence of low-level formal financial services, low income, and financial illiteracy, underdeveloped technology ecosystem and weak infrastructure have continued to undermine the potential for the integration of digital financial services in the country.
The central bank governor said although considerable gains had been achieved in boosting financial inclusion to 64 per cent, the inclusion rate was slowing down the digital transformation wheel, adding that, “all citizens must be carried along to optimise the gains of a digital economy.”
Speaking at the opening of the 28th annual In-house Executive Seminar of the apex bank with the theme: “Digitalisation of Money and Monetary Policy in Nigeria,” the CBN governor also said financial regulators were mindful of the possibility that the new forms of innovative financial products or services could render some existing banking laws and regulations obsolete and potentially harm financial growth.
This was just as the CBN Deputy Governor, Economic Policy Directorate, Dr. Kingsley Obiora, also disclosed that the volume of eNaira-in-circulation currently stands at N2.10 billion, representing a growth of 190.1 per cent relative to its level when it was launched in October 2021 by President Muhammadu Buhari.
