Central Bank of Nigeria (CBN) Governor Olayemi Cardoso says restoring price stability is key to widening access to affordable, reliable financial services across the country, OBSERVERS TIMES report .
Speaking at the launch of the Access to Financial Services in Nigeria (A2F) Survey Report in Abuja, Cardoso warned that persistent inflation and exchange-rate volatility are eating into household purchasing power, weakening savings and pushing up borrowing costs—especially for low-income households. His remarks were delivered on his behalf by the CBN’s Director of Consumer Protection and Financial Inclusion, Mrs. Aisha Isa Olatinwo.
“Restoring price stability and confidence is not separate from financial inclusion—it is fundamental to it,” Cardoso said. He added that since 2024 the bank has refocused on monetary stability through tighter liquidity management and plans to introduce an inflation-targeting framework.
Former CBN governor and Emir of Kano Muhammadu Sanusi II said he regretted delaying the entry of telecom companies into financial services during his 2009–2014 tenure. Sanusi said his caution followed the 2009 banking crisis and a desire to protect depositors, but he acknowledged that the hold-up slowed financial inclusion and that mobile network operators could have boosted access for unbanked people in remote areas.
Key survey findings show Nigeria’s financial exclusion rate has fallen to 21 percent, bringing overall financial inclusion to 79 percent (94.2 million adults) and formal inclusion to 73 percent (87.2 million adults). Digital payment usage now stands at 64.4 percent of adults. But uptake of specific products remains low: formal credit 10 percent (12 million adults), pensions 9 percent (11 million adults), and formal insurance 5.2 percent (6.2 million adults).
Cardoso cautioned that progress is uneven across regions and demographics, with a persistent gender gap and rural-urban disparities. “The policy challenge before us is no longer simply to open accounts or expand access points,” he said. “It is to ensure meaningful usage, affordability, reliability, safety, trust, and measurable improvement in financial health.”
To tackle these gaps, the CBN is preparing the fourth phase of the National Financial Inclusion Strategy (NFIS 4.0), which will emphasize sub-national execution, consumer protection and geospatial mapping of access points to find underserved areas. The governor also pointed to recent milestones supporting expansion: 67.8 million Bank Verification Number (BVN) enrollments, an agent network of more than two million, and an upgraded central complaints management system for real-time grievance resolution. He stressed that the ongoing bank recapitalisation exercise is critical to ensuring institutions have the governance and capital to manage rapid sector growth safely.
