FG, states, other stakeholders sign Accord for Economic, Financial Inclusion

The Federal Government on Thursday signed what it called the Aso Accord for Economic and Financial Inclusion with the 36 state governments and other key stakeholders in the private sector.

The Accord is part of efforts to actualise delivery of financial services at affordable costs to all Nigerians, including those at disadvantaged and low-income segments of society.

Vice-President Kashim Shettima signed the Aso Accord pact on behalf of the Federal Government at the opening of a two-day workshop for Economic and Financial Inclusion at the Banquet Hall of the State House, Abuja, in the company of the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and Governor of the Central Bank of Nigeria (CBN), Mr. Yemi Cardoso.

The Chairman of the Nigeria Governors Forum (NGF), Governor AbdulRahman AbdulRazaq of Kwara State, signed the Accord on behalf of the states, while the Managing Director/CEO of Sterling Bank PLC, Mr. Abubakar Suleiman, singed on behalf of the private sector.

The workshop is organised by the Office of the Technical Advisor to the President on Financial Inclusion (Office of the Vice-President).

Declaring the workshop open, Shettima demanded a renewed commitment from state governors and other key players in the nation’s economic and financial inclusion space to forge a more inclusive and prosperous future for all Nigerians.

According to him, while President Bola Tinubu’s commitment to inclusive economic growth for sustainable development had been unmistakable, “at the core of Mr. President’s economic recovery strategy lies a multifaceted approach aimed at rescuing the economy through various means”.

The vice-president, who listed the means to include “job creation, ensuring food security, eradicating extreme poverty, and, notably, facilitating access to capital,” pointed out that these “form the foundation upon which our nation’s prosperity rests”.

“They also demonstrate our resolve to reinvent a system where economic empowerment is not just a dream but a tangible reality for all,” he added.

Shettima noted that the inspiration to engage critical stakeholders in the two-day workshop stemmed from the shared interests that align with the stark reality that Nigeria cannot afford to maintain the status quo, expressing confidence that the depth of expertise within the reach of participants is enough to power their grand ideas for financial inclusion.

He said: “I stand here today compelled to express my heartfelt commendation to all the esteemed individuals who have been pivotal in advancing the cause of financial inclusion in Nigeria. From the tireless efforts of the present and past governors of the Central Bank of Nigeria to the unwavering dedication of the Federal Ministry of Finance, each of you has played an indispensable role in championing this noble cause over the years.

“I am proud to announce that part of our agenda today involves the signing of the Aso Accord for Economic and Financial Inclusion. This accord will symbolize a renewed and active commitment from all leaders in the economic and financial inclusion space, affirming our collective resolve to forge a more inclusive and prosperous future for every Nigerian.”

Earlier in his speech, the Deputy Chief of Staff to the President (Office of The Vice President), Senator Hassan Hadejia, said expectations are high, as stakeholders are expected to, among other things, interrogate the rising gender gap in financial inclusion.

He noted that the concept must integrate equality and accessibility of financial services to all and sundry, he said President Tinubu’s charge to stakeholders at the forum is to ensure that no one should be left behind as stakeholders adopt new strategies and models of meeting set targets.

In his goodwill message at the event, the 14th Emir of Kano and former CBN Governor, Sanusi Lamido Sanusi, emphasised the need for a review of strategies for enhancing financial inclusion and literacy across the country, noting that it is a continuous work requiring consistent implementation.

He stressed the need for the integration of financial literacy in the educational curriculum of schools in the country, explaining that there is a direct correlation between financial exclusion and the wave of insecurity and poverty levels, among other vices in the country.

Also speaking, the Governor of Ondo State, Mr Lucky Aiyedatiwa, advocated the adoption and deployment of technology to boost the digital environment to strengthen access to financial services, even in rural communities.

He outlined some of the efforts made by the state government to boost financial inclusion in the state, noting the work done by the state Entrepreneurship Agency, especially in the rural areas to expand financial services to small businesses and individuals.

In his remarks, the Minister of Finance and Coordinating Minister of the Economy, Edun, said financial inclusion is an integral element of the Renewed Hope Agenda of the Tinubu administration, especially in ensuring prosperity for all Nigerians by reaching the 100 per cent financial inclusion mark.

He commended the support of stakeholders and the critical role played by the CBN in ensuring that the 100 per cent target is reached in the shortest possible time, just as he pledged the support of his ministry in ensuring that the targets set by actors are realised.

A representative of the CBN Governor, Dr. Clement Buari, who is the bank’s Director of Strategy Management, said the apex bank was doing a lot to accelerate financial inclusion across the country, particularly in underserved communities, insisting that it is a moral and pragmatic obligation for the CBN to take citizens out of the prison of deprivation.

He assured the audience that the CBN will continue to work collaboratively with other stakeholders to accelerate the process of bringing as many individuals and businesses into the fold of financial institutions.