80% of eligible entrepreneurs will have access to funds by 2020 – CBN

The Central Bank of Nigeria (CBN) has declared that by 2020, it is estimated that eight out every 10 Nigerians would have reasonable access to funds for entrepreneurial purposes as the financial inclusion policy of the apex bank takes root.

The bank made the disclosure during one the sessions at the ongoing CBN Fair in Owerri, the Imo State capital Wednesday.

While explaining that access to the fund will come in diverse forms including insurance, pensions, viable loans and credits; Hajia Halima Lawal of the Development Finance Department of the CBN stressed that financial inclusion will progressively increase with financial literacy.

Speaking also, Mr. Damola Atanda of the Consumer Protection Department of the CBN stated that qualitative service is a right to every bank customer and not a privilege, adding that it was erroneous to assume that the bank has the final word in any dispute with customers.

Said he: “If you have an issue with your bank, you have a right to complain to your bank in writing. And if after two weeks nothing satisfactory is done to solve the problem, you can write to the CBN. Nobody can enforce your right in this case except you.”

Buttressing the commitment of the CBN to protecting stakeholders, the Director Corporate Communication Department, Alhaji Ibrahim Mu’azu said the CBN initiated the Nigeria Electronic Fraud Forum; the Bank Verification Number (BVN) as well as the mandatory second level authorization for card presented for payments, among others in order to guarantee the safety of customers’ deposits and transactions.