Nigeria: Advancing Financial Inclusion: Nigeria Reaches 74%, Cardoso Advocates Innovation

Dr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria, urged economic stakeholders to embrace innovation in closing the financial inclusion gap in the country. Speaking at the launch of the 2023 Access to Finance Report by the non-governmental organization Enhancing Financial Inclusion and Access in Lagos, Cardoso highlighted the need for continuous innovation despite the notable increase in financial inclusion.

The newly released report revealed that the percentage of Nigerians integrated into the financial services ecosystem reached 74% in 2023. While acknowledging the substantial progress made by stakeholders in expanding financial service access, Cardoso emphasized the importance of ongoing innovation to further broaden the inclusion spectrum.

Represented by Chibuike Nwaegerue, the Director of Other Financial Institution Supervision at the CBN, Cardoso mentioned recent initiatives, such as the guideline on linking Tier 1 accounts to the Bank Verification Number and National Identification Number. These efforts aim to enhance the safety of the banking space for the financially excluded and contribute to overall economic stability.

Cardoso called upon all stakeholders to collaborate and devise innovative approaches to leverage financial inclusion as a catalyst for the desired economic growth. He recognized the substantial strides made through the rapid deployment of agents and the development of diverse products suitable for the financially excluded demographics.

Lamido Yuguda, the Director-General of the Securities and Exchange Commission, echoed the sentiment that financial inclusion should extend beyond merely bringing individuals into the formal banking system. Represented by Dayo Obisan, the Executive Director of Operations, Yuguda emphasized the importance of ensuring that financial inclusion maximizes long-term benefits for individuals, aligning with broader economic goals.