MGF, CBN, others target 40 million financially-excluded Nigerians
The Bill and Melissa Gates Foundation recently announced its willingness to become involved in helping to provide financial assistance to 40 million Nigerians currently excluded from financial services.
This assistance is being lauded by many who claim that these 40 million will not be able to climb out of poverty without it.
The idea is to expose more people to micro credits, loans, and capital market participation for the purpose of regrowing Nigeria’s economy.
They hope to encourage people to adopt new farming technologies, invest in new business opportunities, or finding new jobs.
Deputy Director of Financial Services for the Poor, Kosta Peric, announced the Foundation’s commitment during the BusinessDay Financial Inclusion Summit in Lagos.
Peric said, “The Foundation, while philanthropic, does not seek to focus on their monetary contributions, but are rather driven by impact.”
They believe that giving people who suffer under the constraints of an inflationary cash-based system need access to bank accounts and funding in order to have any chance of climbing out from under.