The Central Bank Governor, Emefiele, who disclosed this said this development was part of initiatives to drive financial inclusion in the banking sector.
“These measures are aiding in the development of a robust payment infrastructure and an expansion of agent locations across the country. As a result of our policy measures, in 2019, over $400m have been invested in fintech companies, focused on supporting improved payment services in Nigeria.” The CBN governor also said, as part of the bank’s priorities for 2020, it was determined to maintain its stable exchange policy stance in the near to medium term, given the relatively high level of reserves.
The governor said the bank would also improve access to credit for farmers and Small and Medium Enterprises by deepening its intervention efforts through the Anchor Borrowers’ Programme, Commercial Agriculture Credit Scheme and the Real Sector Support Funds, among others.