Central Bank of Nigeria Strengthens Collaboration with Bill and Melinda Gates Foundation to Drive Financial Inclusion

Continued Collaboration for Access to Finance

The acting Governor of the Central Bank of Nigeria (CBN), Mr. Folashodun Shonubi, has emphasized the apex bank’s commitment to collaborating with the Bill and Melinda Gates Foundation (BMGF) and other development partners. Their aim is to explore innovative solutions that promote access to finance. Shonubi acknowledged the progress made in financial inclusion but recognized the existing challenges that hinder the desired level of inclusion in Nigeria. He called for a closer partnership between the CBN and the foundation.

Foundation’s Focus Areas

During the strategic engagement between the CBN and the BMGF in Abuja, Mr. Bill Gates, co-chair of the foundation, highlighted their focus areas for continued engagement in Nigeria. These include health, agriculture, and financial services. Gates expressed satisfaction with the foundation’s support, stating that it has catalyzed developmental action in the country. He expressed optimism about achieving better outcomes due to new economic and monetary policies in place.

Successful Partnership

The BMGF has been a strategic partner of the CBN since 2012, actively supporting financial inclusion in Nigeria. Their collaboration has led to significant initiatives such as the Nigeria Financial Services Maps, the development of the National Financial Inclusion Strategy, research into financial exclusion, and the exploration of digital financial services. The partnership aims to accelerate access to financial services and ensure inclusivity for all segments of the Nigerian population.