Business
CBN Set To Implement Financial Literacy Framework
The Central Bank of Nigeria (CBN), says it will implement a
Financial Literacy Framework in the first quarter of 2013 to enhance financial inclusion
of the unbanked.
Director of Consumer
Protection Office (CPO) of CBN, Mrs Umma Dutse,
said this in an interview with newsmen yesterday in Lagos.
Dutse said that the proposed
implementation would enhance consumer protection and lead to higher financial
inclusion of the unbanked.
The CBN, had in June, said
that the proposed implementation of the National Financial Inclusion Strategy
was to reduce the number of Nigerians who had no access to financial services.
It also said that it planned
to reduce the unbanked from 46.3 per cent to 20 per cent by 2020.
CBN
said that priority was being given to designing of the framework to educate the
Nigerians and improve their understanding of financial products.
It
is also to develop their skills and confidence to become more aware of
financial risks and opportunities.
Dutse
said that the plan was as a result of complaints from consumers of financial
products of the banks.
She
said that CBN had created the CPO in the Financial Policy and Regulatory
Department to enhance its responsibility of consumer protection and make it
more efficient and effective.
The director said it had received and treated over three
thousand complaints since the creation of the department.
According to her, this gave rise to refunds of over six
billion naira by the banks as at October, 2012.
She said that CBN, in collaboration with other financial
service regulators had promoted the Nigerian Financial Ombudsman Bill (NOFB).
Dutse said that the bill was before the National
Assembly and urged stakeholders to ensure its early passage.
She said that the bill would in no small measure promote
financial inclusion.
NFOB is the legal framework for the establishment of
Office of the Financial Services Ombudsman (OFSO) which is charged with the
responsibility of resolving financial and related disputes in the financial
sector.
Cornerstone of Financial Services
A survey of more than 1 000 global finance leaders undertaken by digital payment network Ripple shows that 72% of respondents believe they need to offer a digital asset solution to remain competitive.
According to Ripple, leaders from the banking, fintech, corporate and asset management sector have made it clear that the “digital asset revolution is happening now”.
“Digital assets are quickly becoming a cornerstone of financial services, underpinned by progressive regulation, growing interest from Tier-1 banks, a steady consumer shift from banks to fintech providers, and booming stablecoin adoption,” Ripple says.
The survey was conducted in early 2026 and the findings released in March.
Stablecoin Boon or Bane?
Ripple has experienced significant success in the stablecoin sector since launching its Ripple USD (RLUSD) stablecoin in 2024.
With a market cap of $1.56 billion, it is considered a major regulated player in the market.
No doubt the platform was pleased to learn through its own survey that financial leaders were most bullish about stablecoins.
Roughly three-quarters of respondents believed they could boost cash-flow efficiency and unlock trapped working capital.
Ripple noted that finance leaders were thinking about stablecoins as more than “just a new way to execute payments”; instead, they viewed them as effective tools for treasury management.
In March 2026, Ripple began testing a new trade finance model built around RLUSD in a bid to increase the speed of cross-border payments.
The pilot initiative, developed alongside supply chain finance company Unloq [https://unloq.com], is running on the XRP Ledger inside a testing framework developed by the Monetary Authority of Singapore.
The Asian city-state is one of the platform’s biggest growth markets.
The idea behind the project is to see whether stablecoin-based settlement can streamline trade finance, too often hampered by reliance on intermediaries and slow reconciliation.
The only potential drawback is that if the initiative takes off, the Ripple to USD price could be negatively affected.
Ripple has always championed its native XRP token as a bridge asset, the “middleman” in the process of a financial institution turning dollars in the US into pounds in the UK, for example.
Ripple converts dollars into XRP and then back into pounds.
If RLUSD can do exactly the same thing, questions will be asked about XRP’s relevance.
That is a bridge Ripple will have to cross if it gets to that point.
Tokenisation Partners
Another interesting finding from Ripple’s survey is that most banks and asset managers are seeking tokenisation partners to help execute their strategies.
Some 89% of respondents said digital asset storage and custody were top priority. “Token servicing/lifecycle management also ranks highly for banks at 82%, while asset managers place greater emphasis on primary distribution at 80%,” Ripple found.
The survey also revealed that just more than half of fintechs and financial institutions want an infrastructure provider that can offer a “one-stop-shop solution”. This rose to 71% among corporate financial leaders.
Ripple attributes this to institutions and firms wanting uncomplicated, cohesive systems.
Infrastructure Rules
In its final analysis, Ripple says companies across the board are looking for partners and solutions that are “secure, compliant, battle-tested and that enable growth and execution”.
“The message is clear: infrastructure decisions made today will shape competitive positioning tomorrow.”
No surprise that this is precisely where Ripple is placing much of its focus.
