Mr Lamido Yuguda, the Director-General of the Securities and Exchange Commission (SEC), on Wednesday said that financial inclusion is essential in driving economic growth.

Yuguda said this in Lagos at the United Capital Asset Management Investment Forum, with the theme, “Deepening Financial Inclusion Through Participation in Collective Investment Scheme: A Collaborative Approach”.

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He said it was important to ensure access to affordable financial products and services for underserved populations, to foster economic development, reduce poverty, and enhance overall financial stability and well-being.

Yuguda referenced the 2023 Global Financial Inclusion Index, which ranked Nigeria at 38th place for financial literacy level and educational standard and 40th for overall financial inclusion.

He encouraged stakeholders to collaborate in boosting financial inclusion in the country, expressing the Exchange’s commitment to promoting financial inclusion for sustainable economic growth.

 

Yuguda who was represented at the event by Dayo Obisan, SEC Executive Commissioner, Operations, raised concerns about awareness creation and accessibility as major hurdles impeding the growth of CIS in the country.

Mrs Odiri Oginni, the Managing Director/Chief Executive Officer of United Capital Asset Management Ltd., highlighted that collaboration among stakeholders remained crucial to enhancing financial inclusion in Nigeria.

 

She said that the investment forum aimed to initiate discussions on methods to promote financial inclusion through CIS.

According to her, Nigeria’s financial inclusion goals cannot be achieved without leveraging the CIS.

She said that bridging the gap between financial inclusion and the CIS is vital for the growth of the nation’s financial sector.

Also, Mr Michael Oyebola, the Founder of Money Counsellors, stressed the importance of education in driving financial inclusion.

Oyebola emphasised the need for people to comprehend the distinctions between savings and investments to strengthen financial inclusion.

He called on regulators to utilise technology to address issues hindering identity management in the country.