The Nigerian Economic Summit Group (NESG) has called for a more robust strategy to address the nation’s financial inclusion challenges, as over 30 million Nigerians are excluded from the financial system.
This call was made during a webinar organized by the NESG, themed, “Enhancing the Banking and Payments System for Effective Financial Inclusion.”
During the event, NESG board member Lanre Akinbo emphasised the complexities of Nigeria’s financial landscape.
He noted that despite a population of 220 million as of 2021 and a rapidly expanding financial services sector – including 33 deposit money banks, 887 microfinance banks, and 291 active fintech startups – significant portions of the population are still financially excluded.
Despite these advancements, cash remains the predominant means of transaction, especially in informal sectors which is why financial inclusion is essential for improving economic access and reducing poverty and inequality.”
The Technical Adviser to the President on Development Finance and Financial Inclusion, Nurudeen Zauro emphasised the urgency for stakeholders to collaborate in fostering inclusive growth and addressing Nigeria’s critical economic needs.
Mr Zauro said, “Over 30 million Nigerians remain financially excluded, and only 6% of MSMEs have access to financial credit, despite their importance to the economy.”
In his address, the National President of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), Fasasi Sarafadeen Atanda, said mobile platforms have transformed financial transactions.
He added that the association has put in place measures to tackle increasing fraud.
