In recent years, financial inclusion has become a common phrase among organizations seeking to deepen the reach of financial services for people who do not have services or who have sufficient services throughout the country.
This has led to several products, services and strategies typically designed to help a large part of the population access financial services to improve their livelihoods.
A critical part of the financial inclusion initiative is access to credit. This will help organizations to conduct business more easily and people to have an improved lifestyle that culminates with a healthy economy.
To create a credit-driven Nigeria, we must first improve access to finance, as it is an important unit. According to EFINA’s latest report on Access to Finance in 2018, 63.2% of Nigeria’s adult population now has access to financial services, which showed an improvement of 4.8% over 2016.
While this is a good indicator of progress in our trajectory of financial inclusion, much remains to be done to change the country from an economy driven by cash to one driven by credit.
Here are three main factors that must be addressed urgently:
Honest active participation of stakeholders
All players responsible for promoting the inclusion of credits must play active and honest roles to ensure that economically active Nigerians have access to credit, obtain the right information and support when they wish and in the simplest way.
A potential borrower or user of credit, whether in cash or as an asset, must be willing to provide true and honest information that supports the type of credit required, while financial institutions,
cooperative unions and other credit providers must play their role giving the right information, as well as matching the right products for the borrowers.
Improved identity management and data validation
We can not make Nigeria a credit-driven society without an adequate system of identification and data management. A look at informal loans reveals that, despite the lack of technology, borrowers are granted cash or credit items based on fair knowledge of their identity and the volume of transactions.
For example, India has the Aadhaar, considered the world’s largest biometric database, which registers more than a billion people. It stores basic information of all residents and tries to prevent identity fraud. This has been described as a strategic policy tool for financial inclusion.
Kenya and South Africa also have good identification systems that play an important role in the inclusion and dissemination of credit.
Today in Nigeria, with limited identification provided by the Bank Verification Number (BVN), there have been many improvements in the provision of credit and this is expected to increase if it includes more people and all isolated databases, such as the driver’s license.
International passports, the registration of the SIM card, the National Population Commission and the National Identity Management (NIM) scheme are harmonized.
Active legislation and compliance with the law
As a country, we must respect the capital provider and the honor agreements. Whether the capital provided by shareholders, customer deposits or debts, we must create laws that are up-to-date with the realities of our time and hold those who make mistakes responsible.
We live in a country where people ask for loans with the intention of not paying and the legal application is weak most of the time or is delayed, leading to a great erosion of capital.
If a man does not see the need to pay a mobile financial loan of ₦ 24,000, I see no reason why he will be granted a rent advance of ≥ 300,000, even if he or she earns a good salary.
Many years ago, while we were in high school, my mother took my siblings, my cousin and I to a chronic debtor who refused to liquidate the credit offered by the provider and we ordered food from his new restaurant and ate to our satisfaction . After we finished our meals and got going, she presented the invoice.
My mother smiled and said, “Use the outstanding balance of my debt to cover this.” The woman almost passed out, but the scene was incredible. Bad behavior must be warned to make our country a credit-based society.
Lawmakers must make the right laws to support a credit system, while judicial enforcement must be activated by the Judiciary.
Buhari approves new appointment
President Muhammadu Buhari approved the appointment of Captain Musa Nuhu as the new Director-General of the Nigerian Civil Aviation Authority (NCAA).
Latest Nigeria newspaper report that It will replace Captain Muthar Usman. Until his appointment, Nuhu was the Permanent Representative of Nigeria to the International Civil Aviation Organization (ICAO).
He is an airline pilot, security expert, leading quality control auditor, and artificial intelligence expert. Nuhu has a master’s degree. Bachelor of Business in Aviation and was in the Presidential Air Fleet as Captain and security officer.
Latest Nigeria newspaper report that He also worked at Nigeria Airways, Aero Contractors and Petrowest, among other organizations.
Declare state of emergency on education – CLO tells Gov Emmanuel
The Civil Liberties Organization, a chapter of the state of Akwa Ibom, has asked Governor Udom Emmanuel to declare a state of emergency in the state’s education sector.
The president of CLO in the state, Franklyn Isong, said this in his office in Uyo, the state capital while informing journalists as part of activities to commemorate World Teachers’ Day with the theme “Young teachers: the future of the profession.”
He said the need became necessary to stop the serious decomposition of infrastructure and insecurity in state public schools.
Isong criticized the content of the education presentation recently organized by the state government, describing it as “urbanized” and not with the intention of capturing the deep crisis that was shaking the sector in the state.
He said: “It is worrisome and sad that most public schools in some communities in Akwa Ibom state are in ruins, insecure and left to the destiny of the communities without government attention.
“All that is needed is for the Governor to take bold steps by declaring a state of emergency in the education sector to build more classroom blocks in rural and urban schools, provide good infrastructure such as science equipment, libraries, laboratories, as well as review the education curriculum to ensure a better and safe future for children in the state of Akwa Ibom. ”
He thanked the state government for tameing the right to basic education of the Akwa Ibom child in free and compulsory education and urged the state government to do what is necessary.
“The right to basic education of all Nigerian children, as enshrined in the Child Rights Act of 2003 in Article 15 (1), had been tamed under the Akwa Ibom State Child Rights Act, to ensure that every child in the State of Akwa Ibom the right to compulsory, free and qualitative basic education. ”
Isong added that; “In the Fundamental Principles and Directives of State Policy, as set out in Chapter 2, Section 13 of the Constitution of the Federal Republic of Nigeria of 1999 (as amended), the government has the responsibility to ensure that the education of Nigerian children be free and qualitative. ”
He also urged the government to address the numerous complaints of delays in the payment of pensions and unpaid tips to relatives of late elementary school teachers with delays in 1991 and to provide an improved social assistance package for teachers in public schools throughout the state.
We will attack DSTV, MTN, Shoprite, Stanbic IBTC, others if they don’t leave Nigeria – Yoruba youths
After the xenophobic attacks against Nigerians and Nigerian companies in South Africa, the Oodua Youth Coalition, OYC, has granted South African companies and businesses seven ultimata to leave Nigeria.
Latest Nigeria newspaper report that the group president, Oluyi Akintade Tayo, the refusal of the interested parties to give in to the notice of resignation will mean death.
While expressing disappointment at the attitude of South Africans against Nigerians living and working in South Africa, particularly what they described as the continued silence of the South African government on development, the group emphasized that during the apartheid era, which was the time Difficult of In the rainbow country, Nigeria was firm with them.
The statement says: “Oodua Youth Coalition (OYC), the most crucial youth group in Nigeria that projects and protects the Yoruba nation in the country, is sad and angry because South Africans, with the support of the country’s authorities, are coordinating the looting and burning of Nigerian businesses and mutilations and murders of our brothers and fathers on earth.
“It is unfortunate that South Africa, which under the apartheid regime had the support and solidarity of the Nigerians and the government while the white supremacists reigned supreme, is now turning to inflict physical and psychological pain and injury to the people whose parents committed great harm.” part of wages and profits and the community to end the apartheid reign.
“The circulating video in which Mr. Bongani Mkongi, the Vice Minister of Police of South Africa, defended the attacks against Nigerians and other Africans confirmed our previous fear and doubts about the guilt of the South African authorities. It is disconcerting that the country whose former leader, the late Nelson Mandela, recognized Nigeria’s efforts to elevate the South African-led government, is expelling other Africans, mostly Nigerians, energetically and with shame.
“We have tolerated the excesses of these South Africans whose businesses have prospered in Nigeria without any physical and psychological attack. For months, the coalition has written several letters to the South African consulate in Nigeria requesting meetings to chart a way forward and find a lasting solution for these unfortunate and barbaric incidents that have still been ignored or have run into a brick wall.
“OYC, after an emergency meeting, has concluded plans to, as a matter of urgency, attack all South African companies and facilities in Nigeria, especially in the southwest region of the country. DSTV, MTN, SHOPRITE, STANBIC IBTC, and other outlets are our goals.
“Therefore, we give these South African companies a maximum of seven days to leave Nigeria or forget them, since our coalition, with other groups and comrades throughout the country, will attack them and burn them to ashes,” reads the notice.
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