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The Dean, College of Business and Management Studies, Igbinedion University, Okada, Prof Raphael Adeghe, has urged the federal government to make efforts to promote financial literacy in order to enhance Sustainable Development Goals of the country.
While delivering a lecture titled “Financial Inclusion and Sustainable Development: Nigeria in Perspective”, at the 17th Inaugural Lecture, Prof Adeghe defined Financial Inclusion as “the pursuit of making financial services accessible at affordable costs to all individuals and businesses regardless of net worth and size”.
According to him the lecture is aimed at getting the unbanked and under banked to have access to financial services
He said:”the availability of financial services that meet the specific needs of the users without discrimination is a key objective of financial inclusion.
He said that some factors responsible for financial exclusion in Nigeria includes:lack of financial literacy and inability to cultivate banking habits by the citizenry,insecurity,lack of awareness and high transaction costs.
“All the cars that used to park on the sides of the roads to buy snail, bush meat, yam, plantain, etc, have all stopped doing so. As a result, the roadside sellers have been financially-excluded in Nigeria.
“Movement by roads in the past used to be pleasurable, but not these days, insecurity widens financial exclusion. Many members of staff of microfinance banks are afraid to go to the rural areas for deposit mobilisation.” Adeghe said.
He explained that financial services would help eradicate poverty because access to financial services allows the poor household to move from everyday survival to planning for future.
Prof Adeghe said that creating an unhindered access of financial services helps to employ the poor,contribute to national development,help social and economic empowerment,enable the poor increase income and build assets.
He said to achieve financial inclusion in Nigeria conscious efforts must be made to promote financial literacy,campaigns must be carried out in local languages and organizing of enlightenment programs in rural areas.
He advised the federal government to collaborate with CBN,Ministry of Information and come up with a dynamic initiative that can encourage participation by all financial inclusion stakeholders in the country.
Prof Lawrence Ezemonye,Vice Chancellor of IUO,who also spoke said financial inclusion reduces poverty and boost prosperity.
He said that the goal of financial inclusion aims at ending financial stress and increase national development in the country.
