CBN takes financial inclusion, reliable payments system fair to Imo

The Central Bank of Nigeria (CBN) has taken its sensitization of mainly the ordinary people on the financial inclusion and reliable payments system, as well as information about its people-friendly policies to Imo State.

According to the CBN governor, Godwin Emefiele, who was represented by the director of Corporate Communications, Ibrahim Mu’azu, the apex ban was committed to ensuring a safe, reliable and efficient payments system in the country; and is therefore, urging the Imo people to embrace its various payments and development initiatives.At a well-attended stakeholders’ engagement (tagged CBN fair) in Owerri, the Imo State capital, the corporate communications boss disclosed the CBN’s position aimed at sensitizing the people of the state on the Bank’s initiatives, policies and programmes.

He said the CBN in collaboration with relevant stakeholders in the country, had put in place several controls and security to enhance the safety of the Nigerian payments system.

He informed the stakeholders that the CBN has initiated several security platforms aimed at detecting fraud in banks, and protecting customers; adding that some of these initiatives include: the Nigeria Electronic Fraud Forum, Bank Verification Number (BVN), as well as the Mandatory second level authorization for card presented for payments, among others, in order to guarantee the safety of customers’ deposits and transactions.On the Cash-less Nigeria policy, the director said it is aimed to reduce physical cash amount carried by people and corporate institutions.

While explaining the CBN’s approach to real sector interventions, Mu’azu said the apex bank intervention mainly covered the agriculture, infrastructure and micro, small and medium enterprises (MSMEs). He added that the Bank was mindful of the role of women in national development; hence 60 percent of the MSME Development Fund had been earmarked for women; while two percent of the Fund would be disbursed to economically active persons living with disabilities.

There were series of interactions with the people, led by other CBN top officials: Halima Lawal of Development Finance department; Damola Atanda, in charge of Consumer Protection; Chai Gang, Banking and Payments System and B.I.C Maduagwu, Currency Operations. Each of these officials took time to speak with the large crowd of people, who were later grouped in a break-out session, into farmers, cooperative societies and micro, small and medium enterprises (MSMES), civil and public servants and business people, where the people asked questions and were clarified on them.