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.