The Nigerian Economic Summit Group (NESG) has raised concerns about the country’s financial inclusion efforts, revealing that over 30 million Nigerians remain financially excluded. This was highlighted during a webinar organized by the NESG with the theme, “Enhancing the Banking and Payments System for Effective Financial Inclusion.”
Nigeria’s Expanding Financial Landscape
Lanre Akinbo, a board member of NESG, discussed Nigeria’s complex financial landscape. He noted that with a population of approximately 220 million in 2021, Nigeria has a rapidly expanding financial services ecosystem. This includes:
- 33 deposit money banks
- 887 microfinance banks
- 291 active fintech startups
Despite these advancements, Akinbo pointed out that cash still dominates transactions, particularly in the informal sectors. This reliance on cash underscores the need for greater financial inclusion to improve economic access, reduce poverty, and address inequality.
Urgent Need for Collaborative Efforts
Dr. Nurudeen Abubakar Zauro, Technical Adviser to the President on Development Finance and Financial Inclusion, emphasized the need for stakeholders to collaborate in promoting inclusive growth and addressing Nigeria’s economic challenges. He expressed concern that, despite the significant role of Micro, Small, and Medium Enterprises (MSMEs) in the economy, only 6% of them have access to financial credit.
Zauro highlighted the importance of addressing the financial exclusion of over 30 million Nigerians, stressing that inclusive financial services are crucial for national economic development.
Transformative Role of Mobile Platforms
Mr. Fasasi Sarafadeen Atanda, the National President of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), spoke on the transformative impact of mobile platforms on financial transactions. He noted that while these platforms have significantly improved access to financial services, the association is also implementing measures to combat the rising incidences of fraud within the mobile money ecosystem.
The discussions underscored the need for continuous efforts to enhance financial inclusion in Nigeria, particularly through innovative solutions and collaborative strategies that reach underserved populations.
