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.
This comes as the Coronavirus (COVID-19) pandemic has restricted the ability of commercial banks to mobilise savings and provide money through lending.
Banking activities have been in passive mode since April, with some money deposit bank (MDB) outlets yet to open months into a phased easing of the COVID-19 shutdown.
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…
Source: Guardian Newspaper