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FINANCIAL INCLUSION
Moniepoint says Nigerian lenders should assess businesses based on how they earn and move money rather than the collateral they can pledge, as formal credit use among Nigerian adults increased to 10% in 2026 from 6% in 2023.
Nigeria’s formal financial inclusion rose to 73% in 2026, exceeding the 70% target under the National Financial Inclusion Strategy (NFIS), yet only 30.7% of formally included adults are financially healthy, leaving approximately 60.4 million adults financially vulnerable or merely coping.
In recent years, Nigeria has made significant strides in promoting financial inclusion, aiming to integrate millions of unbanked and underbanked citizens into the formal financial system. However, a surge in fraud cases threatens to derail this progress, leaving individuals and small businesses increasingly skeptical of digital financial services.
The Group CEO of Network International, Nandan Mer, has said that the ongoing drive to achieve 95% financial inclusion can be accelerated through government-sponsored payment initiatives.
9 Payment Service Bank has re-emphasized that financial inclusion is the key enabler to poverty reduction and economic prosperity in Africa at the Regtech Africa Conference held recently in Lagos.
EFInA in its Access to Finance (A2F) report revealed that 40 million adult Nigerians are formally excluded from the financial system.
Nigeria, on 24th and 25th November 2022 hosted the largest convening of the global Financial Inclusion ecosystem since...
The World Bank has stated that the COVID-19 pandemic sparked financial inclusion and led to a significant rise in digital payments.
The Central Bank of Nigeria plans to introduce the Unstructured Supplementary (USSD) code as part of steps to improve the eNaira.
The MD/CEO of Heritage Bank, Ifie Sekibo, affirmed that banks cannot push financial inclusion unless they also push secured technology inclusion.
The growth of Nigeria’s telecoms industry from a mere 1.5% contribution to Nigeria's GDP in 2001 to 17%...
In Nigeria, only 67.5 million (64%) of the 105.5 million adult population were financially included in the year 2020.