Achieving Nigeria's financial inclusion target

The Vice President of Economic Inclusion at Rockefeller Philanthropy Advisors, Henrietta Bancole-Olucina, emphasized the crucial role of financing and enabling infrastructure in scaling innovative digital models to achieve Nigeria's 2024 target of 95% financial inclusion. In an interview with CNBC Africa's David Alabi at the maiden International Financial Inclusion Conference, Bancole-Olucina underscored the need for enhanced financial literacy to drive economic empowerment and growth in the country. Bancole-Olucina highlighted the pivotal support provided by their organization and partners, including the Bill and Melinda Gates Foundation, in developing assets for the central bank's financial inclusion initiatives. She expressed optimism about the progress made in the past decade but stressed the importance of implementing specific strategies to propel Nigeria towards greater financial inclusion in the future. Discussing the financing aspects, Bancole-Olucina pointed out that beyond funding, the regulatory framework and enabling infrastructure play vital roles in facilitating the expansion of digital financial services. She commended the responsiveness of the central bank and emphasized the significance of a national financial inclusion strategy that addresses key priorities such as demographic diversity, infrastructure development, customized digital services, and robust governance. Furthermore, Bancole-Olucina highlighted the evolving global uncertainties and exogenous shocks impacting economies worldwide. She emphasized the need for heightened financial literacy to equip individuals, especially the financially excluded, with the knowledge and skills to make informed financial decisions amidst volatility. Addressing the importance of preparing for future disruptions, Bancole-Olucina underscored the link between financial literacy, practical application, and access to financial services. She emphasized the role of infrastructure in supporting financial education and enabling individuals to translate their learning into tangible actions like opening accounts and managing finances effectively. In closing, Bancole-Olucina reiterated the overarching goal of financial inclusion as a driver of economic viability and empowerment, particularly for marginalized communities. She emphasized the potential of financial inclusion to create opportunities for job creation, wealth generation, and upward mobility, ultimately contributing to a more economically sustainable and inclusive society. As Nigeria continues its journey towards achieving greater financial inclusion, the insights shared by Bancole-Olucina serve as a roadmap for fostering economic empowerment, resilience, and prosperity for all segments of the population.