Deepening financial inclusion in Nigeria
Building deeper partnerships, driving innovation, and delivering measurable impact, with a strong emphasis on empowering women and rural populations are part of the strategies Enhancing Financial Inclusion and Advancement, believe, will drive financial inclusion deeper in Nigeria. New EFInA CEO, Foyinsolami Akinjayeju, joins CNBC Africa for this discussion.
Tue, 04 Mar 2025 12:08:02 GMT
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AI Generated Summary
- EFInA has been advocating for an inclusive financial system in Nigeria since 2007, with a focus on ensuring access to affordable and high-quality financial services for all individuals.
- While there has been an improvement in financial inclusion over the years, 26% of Nigeria's adults remain excluded from the financial system, highlighting the need for strategies that go beyond just access to banking services.
- EFInA's new CEO, Foyinsolami Akinjayeju, outlines the organization's priorities, which include prioritizing women, youth, business owners, and rural populations. The focus is on promoting access to credit and building resilience through digital financial services.
Enhancing Financial Inclusion and Advancement (EFInA) in Nigeria has been at the forefront of advocating for an inclusive financial system since 2007. The goal is to ensure that all individuals have access to affordable, relevant, and high-quality financial services. Over the years, there has been a significant improvement in financial inclusion in Nigeria. In 2008, 53% of Nigerians were excluded from the financial system, but as of the latest report in 2023, this number has reduced to 26%. While this progress is commendable, it is essential to note that 26% of Nigeria's adults are still excluded from the financial system, which amounts to approximately 30 million people. Despite the increasing number of individuals being included in the financial system, the impact on their lives has not been significant. The access to financial services has improved, but financial health has declined between 2020 and 2023. This decline in financial health underscores the need for a new approach to financial inclusion that focuses on economic empowerment beyond just access to banking services. EFInA's new CEO, Foyinsolami Akinjayeju, sheds light on the organization's strategy and priorities to address these challenges.
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