The Guardian Nigeria News - Nigeria and World News guardian.ng 18 Sep, 2020 04:45 am

Economists canvass agent banking to save economyNigeria

Economists canvass agent banking to save economyNigeria
As revenues plummet and the government, at different levels, scramble for funds to meet urgent financial obligations, economists and allied experts

As revenues plummet and the government, at different levels, scramble for funds to meet urgent financial obligations, economists and allied experts have called for an aggressive financial inclusion programme to tap into the ‘goldmine’ in underground monies to stimulate growth.But there is anxiety in the financial circles that the limited banking service, which appears to be part of the new normal, could undermine the ongoing financial inclusion campaign of the Central Bank of Nigeria (CBN), thus increasing the billions of dead (inactive) money.However, a fintech expert and CEO of eTranzact, Niyi Toluwalope, said financial inclusion has nothing to do with brick-and-mortar processes anymore.Some experts have suggested that efforts put into financial inclusion are incapable of addressing the cultural practices that fuel private savings.

Simon Irtwange, a former President of the Institute of Chartered Economists of Nigeria (ICEN), also argued that agent banking could be used as a strategy for deepening financial inclusion.Sheriffdeen Adewale Tella, a professor of economics at the Olabisi Onabanjo University, also charged the government to shun external debt and leverage money kept off the financial system to build the much-needed infrastructure.

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