Beyond Inclusion: Unlocking Nigeria’s economic future

For over three decades, I have worked at the intersection of financial regulation, banking reforms, and inclusive finance, ensuring that Nigeria’s financial system is stable, resilient, and accessible to all. From my time at the Central Bank of Nigeria to my current role as Chair of EFInA, one truth has remained clear: financial inclusion is not an end in itself—it is a means to economic empowerment and national prosperity.

At EFInA, we have spent years championing inclusion—collecting the data, making the case, and advocating for policies that expand access. But we recognise that access alone is not enough. An account that is opened but not used, a loan that cannot be repaid, or a digital wallet without financial literacy do not lead to empowerment.

Financial inclusion must translate into economic participation, resilience, and upward mobility. It must provide Nigerians—especially women, small business owners, and rural communities—not just with financial products but with pathways to build wealth, manage risk, and contribute to national growth. This is why EFInA is evolving.

Today, Nigeria stands at an economic crossroads. Our informal economy remains vast, with millions of Nigerians relying on cash-based, unstructured financial practices. Women remain disproportionately excluded, and small businesses—despite being the backbone of our economy—struggle to access affordable credit.

But the financial landscape is shifting—digital financial services are reshaping how Nigerians interact with money, yet adoption remains uneven. Fintech and innovation are creating new opportunities to reach the underserved, but regulation and consumer protection must evolve alongside these opportunities. The rise of climate finance, alternative credit scoring, and embedded finance presents new frontiers for expanding meaningful inclusion. The challenge before us is how to connect financial inclusion to real, sustainable economic impact.

This is why EFInA has undertaken a deep strategic transformation—not just in how we present ourselves but also in how we approach the work ahead.

This rebrand is the culmination of rigorous self-examination, sector-wide engagement, and an ambitious strategy designed to maximise impact. We listened to our stakeholders—government agencies, financial institutions, fintechs, donors, and underserved communities—to understand how EFInA is perceived, where the gaps are, and how we can better position ourselves to work more efficiently with stakeholders to drive systemic change. We examined global best practices and held a mirror up to ourselves in an in-depth brand workshop. We engaged our donors, board, and leadership in difficult but necessary conversations about the future of financial inclusion in Nigeria.

The result? A clearer mission, a stronger brand identity, and a renewed commitment to breaking exclusion’s thrall and ensuring financial inclusion lead to tangible economic empowerment.

This transformation is also reflected in new leadership—with a dynamic CEO, Foyinsola Akinjayeju, at the helm, a strengthened board with the expertise needed for this next phase, and strategic partnerships that reflect our commitment to innovation, policy influence, and market-driven solutions.

The time has come to go beyond inclusion and focus on outcomes. Nigeria does not just need more bank accounts—it needs:

• Inclusive financial products that drive wealth creation and financial resilience.

• Stronger market-led, inclusive regulatory frameworks that integrate financial inclusion into national economic policies.

• Partnerships between financial institutions, fintechs, and development organisations that drive innovation and scale.

Our refreshed mission is about ensuring financial inclusion is more than a box to be ticked— it must be a pillar of economic development that supports individuals, businesses, and national progress. This means ensuring gender-inclusive finance, scalable digital solutions, and financial literacy that empowers people to make informed decisions. It means embedding financial inclusion into industry, agriculture, trade, healthcare, and education—so that it serves as a foundation for economic security, not just financial access.

Achieving this transformation will require all of us working together. The truth is, this journey is too big for any single organisation to take alone. If you want to go fast, go alone. If you want to go far, go together.

We are clear about our destination—a Nigeria where financial services are not just available but tools for economic growth and empowerment. But the people in the boat matter. This is why our refreshed brand, new leadership, and bold strategy signal not just a new look but a refined focus and a strong call to action to mission-aligned stakeholders to join us to make financial inclusion genuinely transformative.

The future of financial inclusion is not just about meeting targets—it is about improving lives and unlocking potential. It is about ensuring that a farmer in Kaduna, a market woman in Onitsha, and a young entrepreneur in Lagos all have the financial tools to thrive. It is about ensuring that inclusion means economic resilience, business growth, and national prosperity. We invite you to join us in this journey—to build a Nigeria where financial services work for everyone.

Dr. Agnes Olatokunbo Martins is a distinguished financial expert and visionary leader with over 35 years of experience shaping and advancing the Nigerian Financial Sector in both the public and private sectors. She currently serves as the Chair of the EFInA Board of Directors.