The federal government will work with the Partnership for Learning for All in Nigeria (PLANE) and the Foreign, Commonwealth, and Development Office (FCDO) to deepen financial inclusion governance.
The government views this partnership as a significant boost toward achieving a $1 trillion economy.
This, the government explained, prompted its decision to strengthen national financial inclusion governance, with all stakeholders—including the office of the Vice President and the Central Bank of Nigeria (CBN)—actively involved.
Speaking at a high-level economic workshop in Abuja on Thursday, the Deputy Chief of Staff to the President (Office of the Vice President), Sen. Ibrahim Hassan Hadejia, noted that the successful implementation of government social intervention programs depends on the country’s rapidly digitalizing payment systems.
He said: “Financial inclusion has always been within the mandate of the Central Bank, but over the years, the targets have been missed. What the Presidency has decided to do is to play a leading role in galvanizing stakeholders involved in that mandate.”
While financial exclusion has decreased from 46% in 2012 to 26% currently, the government stressed that this progress is insufficient to support ongoing economic reforms.
“If we don’t achieve financial inclusion, every government program intended to have a remedial impact on the most vulnerable may not yield the desired results,” Hadejia warned.
The urgency of financial inclusion has increased with the digitization of government services. “Many government programs in the reform process involve targeted interventions, all of which have migrated to digital payment platforms. Without advancing financial inclusion, we essentially achieve nothing,” he added.
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“Nigeria is at the forefront of the fintech industry. Beyond banks, there are numerous institutions licensed by the government to provide financial services that are not traditional banking services, allowing many financially excluded individuals to participate,” Senator Hadejia explained.
Earlier, the Technical Advisor to the President on Economic and Financial Inclusion, Dr. Nurudeen Zauro, shared that the journey began in 2012 with the issuance of the National Financial Inclusion Strategy.
He said: “The landscape before us is clear—we have over 200 million people, a GDP of USD 472 billion, yet less than 1% are insured, and 43% live below the poverty line.”
The initiative has gained essential support through international partnerships with PLANE and FCDO. Banking penetration has seen significant growth, rising from 25% in 2008 to 52% by 2023.
According to Zauro, the Aso Accord, signed in April 2024, reinforces this renewed push. “This represents one of the highest-level commitments for this country in support of economic and financial inclusion,” Zauro stated.
He explained that the comprehensive strategy aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda and the nation’s $1 trillion economy vision.
“We’re not just talking numbers here. We’re discussing real opportunities for over 30 million currently excluded Nigerian adults through six critical drivers: easy access, a broad range of services, customized solutions, affordability, enhanced opportunities, and sustainability.
“At the core of this, financial literacy remains a fundamental pillar. PLANE is about innovative learning targeting non-state actors. Through this partnership, we can enhance the financial literacy of our vulnerable populations across the country.
“Now we are addressing economic and financial inclusion in terms of economic opportunities that support the financial inclusion component. People need gainful employment so that, when they enter the financial system, they have reasons to utilize the accounts they open,” Zauro said.
Additionally, Financial Inclusion Ambassador and First Gbajeniyi of Egbaland, High Chief Temitope Fawehinmi, emphasized the importance of reaching every individual at the grassroots level to alleviate poverty.
“As an ambassador, I am committed to ensuring we reach out to everyone, especially the vulnerable, so they can benefit from the programs the federal government is implementing,” she stated.
For his part, Country Lead of PLANE, Dr. James Fadokun, noted that the FCDO has been supportive of the education-for-all project in Nigeria, particularly in non-state schools that cater to the educational needs of vulnerable populations, including skill acquisition centers.
“We are creating an ecosystem to support both private and public sector schools in enhancing curriculum development in financial literacy,” he said.
He explained that the organization is committed to aligning its strategic direction with the financial inclusion goals outlined in the Aso Accord for the education sector.
The National President of Non-State Schools of Nigeria, Sale Kwaru, praised the high-level commitment from the Presidency, PLANE, and FCDO and expressed optimism that it will ensure the poor and vulnerable are integrated into mainstream financial systems.
