In a nation of over 200 million people, where more than 30 million Nigerians are still financially excluded, the question is no longer whether financial inclusion is necessary, it is whether we can afford to ignore it any longer. With rising poverty, widening gender gaps, and deepening regional disparities, particularly in Northern Nigeria, financial inclusion is not merely an economic strategy; it is a survival imperative. The Renewed Hope Agenda of the Tinubu-led administration seems to recognize this, but bridging the rhetoric-reality divide requires more than declarations, it demands relentless execution.
During a recent high-level national workshop on economic and financial inclusion, top government officials, technocrats, regulators, and private sector stakeholders converged to chart a path forward. From the Vice President, Senator Kashim Shettima, to the CBN Governor, Mr. Olayemi Cardoso, and the Minister of Finance, Wale Edun, one message echoed consistently: no meaningful economic growth is possible if vast segments of the population remain locked out of the financial system.
It’s not just a matter of issuing debit cards or opening bank accounts. Financial inclusion is about access, access to credit, insurance, savings, and payment systems that are affordable, secure, and appropriate for all Nigerians, regardless of geography, income level, or gender.
The numbers tell a mixed story. According to a 2023 EFinA survey, Nigeria’s financial inclusion rate improved from 68% in 2020 to 74%. That’s progress, but far from the 95% target set for the end of 2024. More worrisome is that millions of adult Nigerians remain unbanked, particularly women and rural dwellers. The North-South divide remains wide, and the informal sector, though accounting for 60% of GDP and 65% of employment, operates largely outside the bounds of structured finance.
The challenge is layered. While many policies have been launched, from MSME support schemes to microfinance interventions, they often fail at the last mile. Poor access to physical banking infrastructure, digital illiteracy, low trust in formal institutions, and cumbersome identification processes keep people out. In Kaduna State, the government had to issue an Executive Order just to compel financial inclusion efforts. That’s how deep-rooted the exclusion problem has become.
The launch of the AfriGo domestic card scheme is a bold attempt to localize and democratize payments. Designed to be culturally inclusive and economically efficient, the card promises to reduce reliance on foreign payment systems and promote indigenous innovation. Similarly, the National Identity Management Commission’s (NIMC) plan to roll out a General Multipurpose Card (GMPC) linked to NIN could be revolutionary, if done right. These tools can create a unified identity-finance ecosystem that streamlines access to services across sectors.
As the CIBN President, Dr. Ken Opara, rightly pointed out, agency banking remains the strongest bridge between the banks and the excluded. His announcement of Nigeria’s first Financial Inclusion Agent Certification Programme is a welcome development. Standardizing agent banking, ensuring professionalism, and building trust at the grassroots level could fast-track progress where traditional models have failed.
Furthermore, Dr. Ibrahim Natagwandu’s presentation on consumer credit underscored a critical, often overlooked fact: inclusion without credit is meaningless. No economy grows without credit. In a country where most transactions are cash-and-carry, even in the age of Jumia and Flutterwave, consumer credit can unlock purchasing power, stimulate production, and drive small business growth. The new Nigeria Consumer Credit Corporation (CrediCorp), approved by President Tinubu, aims to do just that: accelerate access to credit for 50% of working Nigerians by 2030.
Still, consumer credit is a double-edged sword. Without adequate consumer protection, transparent disbursement processes, and robust data management systems, the initiative may collapse under the weight of defaults and distrust. That’s why recommendations from the recent panel sessions, such as merit-based loan allocation, identity-backed lending, and the establishment of a Consumer Credit Tribunal, must be taken seriously. Nigerians are tired of government loans being treated as “national cake.” If we are to build a sustainable financial ecosystem, accountability must be enforced at all levels.
The way forward must be multi-pronged. Invest in digital infrastructure to reach the last mile. Launch the proposed 774 digital finance centres across all LGAs. Integrate NIN, BVN, and credit scoring into one seamless ecosystem. Push for 70% digital literacy by 2027. And above all, leave the comfort of Abuja and Lagos; real inclusion begins in remote villages and inner-city slums.
President Tinubu’s Renewed Hope Agenda cannot afford to become another policy slogan. Hope must be made tangible, through mobile money agents in hard-to-reach areas, credit access for market women, identity-backed banking for artisans, and digital payments for farmers. Financial inclusion is not a favour; it is a fundamental right in a 21st-century economy.
If we fail to bring the excluded into the circle, we will all remain on the margins of the economic promise we claim to pursue. As stakeholders, the time to act is now.
Aliyu Umar
Head, Strategic Communications (BPSR)
29th July, 2025.
