The Federal Government has set a committee mandated to expedite conditional cash transfers to 15 million vulnerable families in Nigeria as a component of its wider economic strategy aimed at promoting financial inclusion.
This initiative was affirmed during the first gathering of the Technical Committee of the Presidential Committee on Economic and Financial Inclusion (PreCEFI), conducted in Abuja on Wednesday.
The assembly assembled important figures from the government, representatives from financial entities, academic specialists, and development collaborators.
Senator Ibrahim Hassan Hadejia, Deputy Chief of Staff to the President (Office of the Vice President), pointed out that this new stage of the program would provide opportunities that extend beyond merely accessing bank services.
“Financial inclusion encompasses more than simply possessing a bank account but also signifies access to superior services, credit facilities, and the advantages that digital platforms can deliver,” he remarked.
The committee also sanctioned a tactical plan to execute President Bola Ahmed Tinubu’s orders regarding conditional cash transfers, with a cross-agency task force created to remove any obstacles. This task force comprises NIMC, NASSCO, NCTO, CBN, and NIBSS, collectively ensuring the funds are distributed effectively and promptly.
Dr. Nurudeen Abubakar Zauro, Technical Advisor to the President concerning Financial Inclusion and Secretary of PreCEFI, verified that the group will collaborate with state administrations to tailor and respond to insights drawn from the EFInA Access to Financial Services survey.
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Digital identity is set to be vital. Engr. Abisoye Coker-Odusote, the Director-General of NIMC, emphasized the significance of the National Identity Number (NIN) in facilitating access to critical services including healthcare, education, and agriculture.
Dr. Aisha Isa-Olatinwo, CBN’s Director of Consumer Protection and Financial Inclusion, stressed that increasing financial access is fundamental to President Tinubu’s economic overhaul.
Attending the high-profile meeting were delegates from Google, the Gates Foundation, BOI, NCC, NITDA, alongside various academic and traditional organizations.
Professor Olayinka David-West, the Dean of Lagos Business School, referred to the meeting as “solution-focused,” and mentioned that the committee pinpointed practical measures to back the Renewed Hope Agenda, ensuring economic and financial inclusion is a reality for all Nigerians.