According to The World Bank Group, financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered in a responsible and sustainable way.

Globally, financial inclusion is recognized as an important tool to drive economic development and address critical issues such as poverty eradication, unemployment etc. Statistics from the Central Bank of Nigeria (CBN) show that as at 2010, 46.3% of adults in Nigeria were excluded from access to financial services. In a bid to drive this number lower, the CBN working with other stakeholders in October 2012 launched a National Financial Inclusion Strategy with the goal of increasing financial inclusion to 80% by 2020. This Strategy outlined targets for specific areas of focus, which include access to payment services; savings; credit; insurance and pensions. Taking a cue from the CBN initiative, FCMB has over the years paid keen attention to deploying various strategies to reach Nigeria’s unbanked population and create the right value to foster financial inclusion.