The Central Bank of Nigeria (CBN) and the Bill and Melinda Gates Foundation (BMGF) have announced a strategic partnership focused on advancing financial inclusion in Nigeria. The collaboration between the apex bank and the renowned philanthropic organization aims to explore innovative solutions to enhance access to finance in the country.
During a recent meeting between CBN management and representatives from BMGF, Mr. Folashodun Shonubi, the Acting Governor of CBN, emphasized the bank’s commitment to partnering with BMGF and other development partners. Shonubi acknowledged the progress made in various areas of financial inclusion but highlighted the remaining challenges in achieving the desired level of financial inclusion in Nigeria. He called for increased collaboration between the CBN and BMGF to address these obstacles.
Mr. Bill Gates, the co-chair of the Bill and Melinda Gates Foundation, expressed the foundation’s continued engagement with Nigeria in the fields of health, agriculture, and financial services. Gates commended the impact of the foundation’s support, which he believes has catalyzed developmental action in the country.
While acknowledging the existing challenges and gaps, Gates expressed optimism that Nigeria would witness improved outcomes given the country’s new economic and monetary policies.
This partnership between the CBN and BMGF is expected to result in the development and implementation of strategies that will further promote financial inclusion. By working together, the two organizations aim to address barriers and provide opportunities for more Nigerians to access formal financial services, thereby contributing to economic growth and poverty alleviation.
