CBN Deputy Governor on Financial System Stability, Mrs. Aisha Ahmad, made this known at the weekend in her presentation to the National Financial Literacy Stakeholders’ Conference in Abuja.
ITREALMS reports that she said CBN had released new policy frameworks to aid consumer protection, financial literacy and financial education.
“Adequate consumer protection is critical to sustaining the long term viability of the financial sector because consumer protection is a necessary precursor to building and maintaining trust in the formal financial sector.
“An essential pillar of any consumer protection regime is consumer education, which is founded on financial literacy,” she said, stressing that the benefits of a financially literate population are immense. Consumers are better equipped to make optimal choices in the use of financial products, pose lower credit and default risk.
Additionally, she disclosed that the unbanked comprises a market for sustainable financial services and promotes Financial System Stability through increase in market demand and responsible use of financial services.
Further she said CBN recently introduced regulations and guidelines for the licensing and operations of Payment Service Banks in furtherance of its efforts to leverage technology to enhance access to financial services for the unbanked.
Pointing out that the move will drive down exclusion rates by leveraging wider variety of multiple channels to enhance access to deposit products, payments and remittance services to small businesses and low income households.
Nenye Dom/Editor
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