Since EFInA’s inception in 2007, Nigeria’s financial inclusion landscape has changed significantly and EFInA has been at the heart of the journey.
As at 2008, 53% of Nigerians were formally excluded from the financial system, 24% relied on informal access and only 23% of Nigerians had formal access to a financial service. This challenge of limited access to formal financial services informed EFInA’s approach to market development over the last 15 years.
Latest data from EFInA’s Access to Financial Services in Nigeria (A2F) 2023 Survey reveals that formal exclusion has dropped to 26%, and informal access has reduced to 10%. Today, 64% of Nigerians have access to a formal financial service. However, while financial inclusion is a necessary first step, it is not the ultimate destination.
Despite more Nigerians gaining access to financial services, the A2F 2023 survey also reveals that usage has been mostly for payment transactions. More alarming is the fact that the financial health of Nigerian adults is low, and is on a decline, dropping from 28% in 2020 to 16% in 2023. This means that even those with access to financial services struggle to use them effectively, to create wealth and build resilience against shocks.
At EFInA, we believe that financial inclusion must go beyond mere access to actual empowerment of Nigerians, fostering opportunity, resilience, and growth.
Inclusion Is the Foundation, Empowerment Is the Goal
When we talk about financial inclusion, the focus is often on numbers—how many people have bank accounts, how many financial service agents exist, or how many transactions occur daily. These metrics are important, but they tell only a part of the story. True empowerment begins when financial services translate into improved livelihoods—when a rural smallholder farmer can access credit to implement an irrigation system on her farm, when a young entrepreneur secures funding to grow his business, or when a mother can save securely for her children’s education.
Financial inclusion must leave the realm of abstracts, and must become a tool for economic empowerment, enabling Nigerians to take control of their financial futures. It must shift the narrative from “opening bank accounts” to “opening doors” for individuals to live out their potential, and for communities to thrive.
Why Financial Empowerment Matters
Financial empowerment is not just a win for individuals—it is a national imperative. When individuals are financially empowered, they can make informed decisions about their finances, invest in their futures, and contribute to economic stability.
For a country like Nigeria, where over 40 million adults remain formally excluded, with financial exclusion disproportionately affecting women (41% of females are excluded), youth (39% are excluded), and especially Northern rural communities, closing the financial gap is essential. A more inclusive financial system means stronger communities, thriving businesses, and a resilient economy that leaves no one behind. The time to act is now.
Imagine the possibilities: If more women gain access to tailored financial solutions, they can invest in businesses and households, unlocking a multiplier effect that drives community development. If young Nigerians are equipped with the tools to manage their finances and grow their startups, the ripple effect could transform industries and create jobs. Financial empowerment is, quite simply, the fuel for inclusive, sustainable economic growth.
Beyond Inclusion: EFInA’s Vision for Change
At EFInA, our work has always been about addressing financial exclusion. Since 2007, we have been in the vanguard of Nigeria’s financial inclusion landscape, providing the data, insights, and advocacy that have informed policies and practices leading to the commendable progress witnessed across the sector. EFInA is however embarking on a bold new chapter, grounded in a refreshed strategy and brand identity. We are moving beyond access to focus on the quality, depth, and impact of financial services. Our goal is to ensure that financial solutions are not only accessible but also meaningful, transformative, and tailored to the needs of Nigerians.
To achieve this, we are prioritising more than ever before:
• Innovation: Leveraging technology to develop solutions that meet the unique needs of underserved regions where financial service agents now extend access to 11 million adults who do not use banking services or mobile money.
• Advocacy: Working with regulators and policymakers to ensure that financial services are inclusive, equitable, and impactful.
• Collaboration: Partnering with key regulators, private sector players, development agencies, and community leaders to create systemic change.
The Role of Stakeholders in Financial Empowerment
Financial empowerment is a shared responsibility that requires the commitment and collaboration of diverse stakeholders—governments, financial institutions, development partners, technology providers, and civil society.
Policymakers must ensure that regulations encourage innovation while protecting consumers. Financial institutions need to design products that are accessible, affordable, and tailored to the realities of underserved communities. Development partners and civil society organisations must work together to bridge gaps and amplify impact. Technology providers have a role to play in creating digital platforms that break down barriers to access.
Together, we can build an ecosystem where every Nigerian has the opportunities, tools, and resources to thrive.
Unlocking the Future
At EFInA, we are optimistic about the future as our refreshed strategic focus propels us towards our goal of ensuring that 80% of Nigerian Adults access, use, and enjoy quality formal financial services that transform their lives, by 2030. By working together, we can move beyond inclusion to create a Nigeria where financial services enable resilience, opportunity, and prosperity for all.
This is our promise, our purpose, and our vision—to drive transformative financial solutions that improve lives and foster economic growth across Nigeria. Financial inclusion is the foundation, but empowerment is the goal. Let us build this future together.
Foyinsolami Akinjayeju is the Chief Executive Officer at EFInA. She can be reached at [email protected]
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