Nigeria’s drive toward full financial inclusion has entered a defining phase, one where digital identity, smart regulation, and data-led innovation will determine who gets left behind in Africa’s largest economy.
At the Semafor “Next 3 Billion Tour” held in Abuja this week, Minister of State for Finance, Dr Doris Uzoka-Anite, announced that the Federal Government is deepening collaboration with development partners and the fintech industry to unlock new layers of inclusion, focusing on identity, trust, and access.
“Trust is the foundation of inclusion,” the minister said. “With NIN and BVN strengthening digital verification, more Nigerians can be safely onboarded into the financial system. Our approach is practical and people-centred: expand connectivity, improve affordability, raise digital literacy, and keep regulation smart so innovation can scale responsibly.”
The policy vision, she said, is tied directly to President Bola Ahmed Tinubu’s Renewed Hope Agenda, which aims to leverage digital technology to accelerate economic participation, boost productivity, and reduce inequality.
According to the Finance Ministry, Nigeria’s financial inclusion rate now stands at about 64%, up from 24% in 2008. Yet more than 40 million adults, mostly women, rural dwellers, and informal workers, remain financially excluded.
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Dr. Uzoka-Anite emphasised that the government’s priority is not only expanding access but also building financial trust through verifiable identity systems.
Through initiatives like the National Identity Number (NIN) and Bank Verification Number (BVN) integration, Nigeria is creating a unified verification system that reduces fraud, lowers onboarding costs, and builds confidence across banks, fintechs, and consumers.
“When people can save securely within the financial system instead of keeping cash at home, they protect their income capital and strengthen long-term stability,” she said. “That stability is essential for national growth.”
The minister added that the rise of mobile-first financial services led by companies like OPay, Moniepoint, and PalmPay is redefining access to finance, especially among small traders and young entrepreneurs who previously relied on cash.
“Technology is enabling transactions where traditional banks never reached,” she noted. “People can now trade, save, and receive payments directly from their communities.”
The Finance Ministry is also collaborating with the Central Bank of Nigeria (CBN) to expand agent banking, enhance interoperable payment infrastructure, and promote consumer credit systems that empower citizens to borrow responsibly and invest productively.
The Business of Inclusion: Why It Matters for GDP
Economists project that a 1% increase in financial inclusion can boost Nigeria’s GDP growth by up to 0.3% annually. With inclusion at 64%, that potential remains largely untapped.
Financial inclusion is not only a social goal but also a macroeconomic driver. When more people have access to digital finance, from farmers to market traders, it broadens the formal economy, increases tax collection, and raises domestic savings rates.
The World Bank’s Global Findex 2025 data show that since 2011, nearly 2 billion adults globally have opened formal financial accounts, but Africa still lags behind at 55% inclusion. Nigeria, with its population of over 220 million, represents the continent’s single largest opportunity and risk in closing the gap.
Gates Foundation: “The Future of Finance Must Be Inclusive”
Echoing the government’s commitment, Uche Amaonwu, Country Director for Nigeria at the Gates Foundation, said the conversation must move beyond access to inclusion that drives resilience, productivity, and equality.
“This is not just about opening accounts; it’s about expanding opportunity,” Amaonwu said. “Financial inclusion is the bridge between poverty and progress. When a farmer can access credit or a woman can save digitally, the impact multiplies across families and generations.”
He emphasised that the Gates Foundation’s work in Nigeria aligns with national priorities, strengthening digital identity systems, supporting pro-poor financial products, and empowering women and youth through tailored solutions.
“We are focused on local innovation,” Amaonwu added. “Inclusion must reach the last mile: the farmer in Jigawa, the hairdresser in Osogbo, the student in Yola. That’s where the story of growth becomes real.”
Data Reveals Uneven Progress Across Nigeria
Despite progress, Nigeria’s inclusion story remains unequal. Southern states like Lagos, Rivers, and Delta boast inclusion rates above 90%, while northern states such as Borno, Katsina, and Sokoto still hover between 22% and 30%, according to the Access to Finance (A2F) Survey 2023.
Ekenem Isichei, Deputy Director for Policy and Advocacy at the Gates Foundation, dissected the data, warning that “geography still defines opportunity in Nigeria.”
“We’ve seen Nigeria’s inclusion rise from 24% in 2008 to 64% in 2024,” he said. “But growth has been uneven. Urban centres are saturated, while rural populations remain underbanked due to low connectivity, limited power, and gender barriers.”
He described Nigeria’s trajectory in three distinct phases:
- 2008–2014 (Rapid Growth) – Driven by microfinance, mobile banking, and policy coherence.
- 2014–2018 (Stagnation) – Marked by regulatory constraints and infrastructure bottlenecks.
- 2018–2024 (Digital Acceleration) – Fuelled by fintech innovation and pandemic-era digitisation.
Isichei noted that COVID-19 acted as a major catalyst, pushing millions into the digital ecosystem as physical cash circulation declined.
“The pandemic forced behavioural change,” he explained. “People who once depended on physical transactions adopted digital tools for survival — and that shift has persisted.”
Women and Youth: The New Frontier
According to the EFInA Gender Report, women in Nigeria remain 12 percentage points less likely than men to own a bank or mobile money account. This exclusion limits their ability to access credit, insurance, and formal employment.
Isichei urged that women and youth inclusion be treated as a national economic priority.
“Closing the gender gap could add billions to Nigeria’s GDP,” he said. “We must create digital products that are culturally relevant, affordable, and accessible in local languages. Inclusion that ignores gender is incomplete.”
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The success of platforms like Moniepoint, OPay, and PalmPay, which now serve over 60 million active Nigerian users, demonstrates how fintechs have become central to the inclusion story.
Industry data show that Nigeria processed over $150 billion in mobile transactions in 2024, a 20% increase from 2023, underscoring the speed at which digital finance is displacing cash.
Dr Uzoka-Anite said the government will expand fibre connectivity, support fintech growth through regulatory sandboxes, and promote digital literacy programmes to help low-income earners adopt financial technology safely.
“Our target is simple: by 2030, at least 90% of Nigerian adults should have access to affordable, trusted, and useful financial services,” she said.
The Business Imperative of Inclusion
For investors, Nigeria’s expanding fintech landscape offers one of the fastest-growing digital markets in Africa. Analysts estimate that by 2030, the country’s digital economy could be worth $150 billion, contributing nearly 20% of GDP, up from 10% today.
“Financial inclusion is not just a moral cause,” Amaonwu said. “It’s an economic opportunity, one that can redefine Nigeria’s competitiveness.”
The Gates Foundation and Nigeria’s finance ministry agree: inclusion must evolve from access to empowerment, ensuring that Nigerians not only transact digitally but also build wealth, resilience, and trust in the financial system.
As Nigeria’s inclusion journey moves toward the next decade, one thing is certain: the future of finance will be digital, inclusive, and data-driven.
“Change can feel gradual,” Uzoka-Anite said, “but days like today show the distance we’ve covered and the possibilities ahead.”
Key Inclusion Data (Nigeria, 2024)
| Indicator | 2008 | 2014 | 2018 | 2024 |
|---|---|---|---|---|
| Financial Inclusion Rate | 24% | 50% | 50% | 64% |
| Gender Gap (Male–Female) | 24% | 16% | 14% | 12% |
| Mobile Money Users | <1m | 12 m | 32 m | 60m+ |
| Fintech Market Value | $500m | $3.5bn | $8bn | $13bn |
| Estimated Unbanked Adults | 70 m | 45 m | 43 m | 40 m |
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.
