Cardoso: Price Stability Critical to Deepening Financial Inclusion

Central Bank of Nigeria Governor Olayemi Cardoso stated that price stability is essential for deepening financial inclusion, noting that persistent inflation and exchange rate volatility can undermine gains in access to formal financial services. He explained that rising inflation erodes household purchasing power, weakens savings, and increases the cost of credit, particularly for low-income and underserved Nigerians. Former CBN Governor and Emir of Kano, Muhammadu Sanusi II, also spoke at the event, expressing regret over delaying telecoms' entry into the financial sector. Additionally, Oloworaran called for a pension inclusion module in the EFInA survey, and an EFInA report revealed a drop in financial exclusion to 21%, though access to formal credit, insurance, and pension remains limited for vulnerable Nigerians.

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