• The Central Bank of Nigeria (CBN) has launched SabiMoni, a new financial inclusion platform aimed at promoting financial literacy and inclusion in the country.
• CBN Governor, Godwin Emefiele, announced the launch and expressed the bank’s commitment to achieving a 95% financial inclusion target by 2024.
• SabiMoni is expected to have a significant impact on increasing the number of Nigerians participating in the financial sector.

CBN Launches SabiMoni to Drive Financial Literacy and Inclusion in Nigeria

The Central Bank of Nigeria (CBN) has recently unveiled SabiMoni, a new financial inclusion platform aimed at driving financial literacy and inclusion across the country. The launch took place on Monday, May 15, 2023, and was presided over by CBN Governor, Godwin Emefiele. The primary objective of SabiMoni is to increase the level of financial knowledge and inclusion among Nigerians, ultimately working towards achieving a 95% financial inclusion target set by the CBN for 2024.

Emefiele expressed his optimism about the potential impact of SabiMoni, stating that the platform would play a significant role in incorporating more Nigerians into the financial sector. The CBN’s focus on financial literacy and inclusion comes as an effort to empower individuals with the necessary knowledge and access to financial services, ultimately driving economic growth and development.

In addition to launching SabiMoni, the CBN Governor also addressed an ongoing dispute between commercial banks and telecommunication companies (telcos) regarding N120 billion in Unstructured Supplementary Service (USSD) income. The conflict had escalated to the point where the NCC authorized the telcos to disconnect the banks. However, the CBN has now intervened, aiming to resolve the issue between the two sectors.

To further emphasize their commitment, the CBN has given a 30-day deadline to Access Bank, Zenith Bank, GTB, and other banks to close and delink bank accounts. This move follows previous interventions in 2020 and 2022 when the debts were N42 billion and N80 billion, respectively.

In conclusion, the introduction of SabiMoni by the CBN marks a significant step towards enhancing financial literacy and inclusion in Nigeria. The platform’s launch, coupled with the CBN’s efforts to resolve the dispute between banks and telcos, reflects the central bank’s dedication to achieving its ambitious financial inclusion target. By empowering more Nigerians with financial knowledge and access to services, the CBN aims to foster economic growth and improve the lives of individuals throughout the country. SabiMoni, with its user-friendly interface and comprehensive financial tools, is expected to be instrumental in bridging the gap between individuals and the formal financial system.

Source: Editorial Times