In a country with over 200 million inhabitants, where more than 30 million Nigerians remain without access to financial services, the issue is no longer if financial inclusion is needed, but whether we can continue to overlook it. As poverty increases, gender gaps expand, and regional inequalities grow, especially in Northern Nigeria, financial inclusion is not just an economic plan; it's a matter of survival. The Renewed Hope Agenda under the Tinubu administration appears to acknowledge this, yet closing the gap between words and actions requires more than just statements—it needs consistent and determined implementation.
At a recent high-level national workshop focused on economic and financial inclusion, leading government officials, experts, regulators, and private sector representatives came together to outline a strategy for progress. Representatives such as the Vice President, Senator Kashim Shettima, the CBN Governor, Mr. Olayemi Cardoso, and the Minister of Finance, Wale Edun, all emphasized a common point: sustainable economic growth cannot be achieved if large portions of the population are excluded from the financial system.
It's not merely about providing debit cards or setting up bank accounts. Financial inclusion involves access—access to credit, insurance, savings, and payment systems that are cost-effective, safe, and suitable for every Nigerian, irrespective of where they live, their income, or their gender.
The data presents a varied picture. A 2023 EFinA survey indicates that Nigeria's financial inclusion level increased from 68 percent in 2020 to 74 percent. This shows improvement, yet it is still far from the 95 percent goal aimed for by the end of 2024. More concerning is the fact that millions of adult Nigerians are still without bank accounts, especially women and those living in rural areas. The gap between the North and South continues to be significant, and the informal sector, which contributes 60 percent of GDP and 65 percent of jobs, functions mostly outside the framework of formal financial systems.
The issue is complex. Although numerous initiatives have been introduced, such as support programs for small and medium enterprises and microfinance projects, they frequently fall short at the final stage. Limited access to physical banking facilities, a lack of digital skills, minimal trust in official institutions, and complicated identification procedures prevent individuals from participating. In Kaduna State, the government had to issue an Executive Order in order to enforce financial inclusion. This illustrates how deeply entrenched the exclusion problem has become.
The introduction of the AfriGo domestic card initiative represents a courageous effort to localise and make payments more accessible. Created to be culturally welcoming and economically effective, the card aims to decrease dependence on international payment systems and encourage local innovation. In a similar vein, the National Identity Management Commission's (NIMC) proposal to introduce a General Multipurpose Card (GMPC) connected to the NIN could be transformative, provided it is implemented properly. These instruments have the potential to establish an integrated identity-finance system that simplifies access to services throughout various industries.
As the President of CIBN, Dr. Ken Opara accurately noted, agency banking continues to be the most effective link between banks and those who are excluded. His declaration of Nigeria's first Financial Inclusion Agent Certification Programme is a positive step forward. Standardizing agent banking, promoting professionalism, and fostering trust at the local level could accelerate progress where conventional models have fallen short.
Additionally, Dr. Ibrahim Natagwandu's talk about consumer credit highlighted an essential, frequently ignored point: inclusion without access to credit is ineffective. No economy can expand without credit. In a nation where most exchanges are conducted in cash, even in the era of Jumia and Flutterwave, consumer credit has the potential to boost buying capacity, encourage manufacturing, and support the expansion of small enterprises. The newly established Nigeria Consumer Credit Corporation (CrediCorp), endorsed by President Tinubu, seeks to achieve exactly this, with the goal of increasing credit availability for 50 percent of working Nigerians by 2030.
Nevertheless, consumer credit serves as a two-sided tool. In the absence of proper consumer safeguards, clear disbursement procedures, and strong data management frameworks, the program could fail due to defaults and lack of confidence. This is why suggestions from the recent panel discussions, including performance-based loan distribution, identity-linked lending, and the creation of a Consumer Credit Tribunal, should be considered seriously. Nigerians are fed up with government loans being viewed as "national cake." To establish a lasting financial system, responsibility needs to be maintained at every level.
A comprehensive approach is essential. Focus on developing digital infrastructure to connect the most remote areas. Establish the planned 774 digital finance centers in every LGA. Combine NIN, BVN, and credit scoring into a unified system. Aim to achieve 70 percent digital literacy by 2027. Most importantly, move beyond the confines of Abuja and Lagos; genuine inclusion starts in distant villages and urban slums.
President Tinubu's New Dawn Initiative must not turn into just another policy phrase. Hope needs to be real, by establishing mobile money agents in remote regions, providing credit opportunities for female traders, offering bank accounts backed by identification for craftsmen, and enabling digital payments for farmers. Financial inclusion is not a gesture of kindness; it is a basic right in a modern economy.
If we are unable to include those who are left out, we will all continue to be on the edges of the economic opportunities we say we want. As involved parties, it's time to take action now.
Umar serves as the Head of Strategic Communications within the Bureau for Public Service Reforms.
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