Nigeria World Bank Push For Financial Inclusion To Reach 28 Million Unbanked Citizens
At the 2024 International Financial Inclusion Conference in Lagos, Nigeria’s Federal Government, the World Bank, and global stakeholders committed to closing the financial divide impacting over 28 million unbanked Nigerians. Vice President Kashim Shettima, represented by Deputy Chief of Staff Ibrahim Hadejia, introduced initiatives like the Women Entrepreneurs Finance Code and the Financial Services Map, aimed at supporting underserved populations. The conference emphasized financial inclusion as a pathway to Nigeria’s $1 trillion economic goal, with a focus on empowering women, youth, and rural communities.
Central Bank of Nigeria (CBN) Governor Cardoso stressed the economic benefits of broader financial access, which enables citizens to save, invest, and improve their quality of life. He noted, however, that one in four Nigerians remains financially excluded, limiting opportunities for growth in vital sectors such as education, healthcare, and housing. Cardoso highlighted the role of digital services and mobile banking in expanding access, especially in remote regions, and described CBN’s efforts to strengthen the financial system by implementing new capital requirements for banks.
The CBN’s Deputy Governor, Philip Ikeazor, pointed to the success of the National Financial Inclusion Strategy, which has lowered financial exclusion rates from 46.3% in 2010 to 26% in 2023. Despite progress, significant gaps remain, particularly among women, youth, and rural communities. To address these, the CBN has introduced region-specific programs to reduce exclusion further, emphasizing that financial inclusion is essential for sustainable economic growth and poverty alleviation.
