At the second edition of the International Financial Inclusion Conference held in Lagos, the Central Bank of Nigeria (CBN) unveiled three pivotal initiatives aimed at enhancing financial access across Nigeria.
Under the theme “Inclusive Growth: Harnessing Inclusion for Economic Development,” the conference gathered top financial regulators, policymakers, and industry stakeholders to address pressing gaps in financial inclusion, especially among women, youth, and small businesses.
The newly launched initiatives include the Women Financial Inclusion Dashboard, a tool designed to help policymakers bridge gender gaps in financial services; the Women Entrepreneurs Finance Code, which will reshape financing for women-owned Micro, Small, and Medium Enterprises (MSMEs) globally; and a roadmap for the financial inclusion of Forcibly Displaced Persons (FDPs), focusing on providing access to essential financial services to foster economic stability for displaced populations.
In his remarks, CBN Governor Olayemi Cardoso noted that the recent changes in capital requirements for banks are set to strengthen Nigeria’s financial system. “This policy ensures banks are well-capitalized, enabling them to offer greater support to underserved markets, including MSMEs and rural communities,” Cardoso stated. He emphasized that the policy would not only stabilize financial institutions but also promote inclusive growth through increased lending and digital banking innovations.
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Supporting this vision, Dr. Ndiame Diop, the World Bank Country Director for Nigeria, highlighted ongoing partnerships with CBN aimed at improving Nigeria’s financial infrastructure. Diop stressed the importance of reducing transaction failures, fortifying consumer protection, and strengthening microfinance regulations to create a more resilient financial sector. “Forty percent of transaction failures in 2023 were unresolved, impacting businesses and individuals alike,” he noted, adding that robust reforms are essential for a seamless payment system.
Lagos State Governor Babajide Sanwo-Olu, represented by Deputy Governor Obafemi Hamzat, connected financial inclusion efforts to President Bola Tinubu’s $1 trillion economic vision. “Achieving a $1 trillion economy isn’t optional; it’s essential for survival,” he asserted, emphasizing the need for technological solutions that respect cultural aspirations.
The conference concluded with CBN Deputy Governor Philip Ikeazor calling for unified efforts among government agencies, financial institutions, fintechs, and civil society to reach the country’s ambitious target of 95% financial inclusion. “Financial inclusion isn’t just about economic access; it’s about opportunity and ensuring no Nigerian is left behind,” he said.
Nigeria has seen a notable rise in financial inclusion rates, from 68% in 2020 to 74% in 2023, according to Enhancing Financial Innovation and Access. This growth reflects ongoing efforts to expand access to financial services nationwide, as the CBN and its partners continue to drive forward-thinking policies and solutions that support sustainable economic development for all Nigerians.
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