Nigeria: NESG Urges Enhanced Financial Inclusion as Over 30 Million Nigerians Remain Excluded

The Nigerian Economic Summit Group (NESG) has called for more effective strategies to address the country’s financial inclusion challenges, revealing that over 30 million Nigerians are still financially excluded.

During a recent webinar organized by NESG, themed ‘Enhancing the Banking and Payments System for Effective Financial Inclusion’, the group highlighted the urgency of improving access to financial services across the nation.

Lanre Akinbo, a board member of NESG, pointed out the complexities of Nigeria’s financial landscape, noting, “With a population of 220 million as of 2021 and an extensive network of financial institutions—including 33 deposit money banks, 887 microfinance banks, and 291 active fintech startups—Nigeria’s financial services ecosystem is growing rapidly.”

However, Akinbo emphasized that despite these developments, cash remains the dominant method of transaction, particularly in informal sectors. He stressed that financial inclusion is crucial for enhancing economic access and reducing poverty and inequality across the country.

Dr. Nurudeen Abubakar Zauro, Technical Adviser to the President on Development Finance and Financial Inclusion, underscored the importance of collaboration among stakeholders to promote inclusive growth and address Nigeria’s pressing economic challenges. “Over 30 million Nigerians remain financially excluded, and only 6% of Micro, Small, and Medium Enterprises (MSMEs) have access to financial credit, despite their critical role in the economy,” Zauro noted.

In addition, the National President of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), Fasasi Sarafadeen Atanda, highlighted the transformative impact of mobile platforms on financial transactions. He also mentioned that the association has implemented measures to combat the growing threat of fraud in the sector.

The webinar served as a platform for key stakeholders to discuss actionable steps to enhance financial inclusion in Nigeria, focusing on expanding access to financial services and leveraging technology to reach underserved populations.