By Muhammad Mamman
Nigeria remains significantly behind its financial inclusion target despite years of policy interventions, the Central Bank of Nigeria (CBN) has said.
The apex bank disclosed that a large segment of the adult population is still excluded from formal financial services, raising concerns over the pace of progress towards the national financial inclusion goals.
Speaking on the issue, the CBN noted that although access to banking services has improved in recent years through digital platforms, mobile money and agency banking, the current inclusion rate falls short of the benchmark set under the National Financial Inclusion Strategy (NFIS).
According to the bank, structural challenges such as poverty, low financial literacy, inadequate digital infrastructure and insecurity—particularly in rural and underserved communities—have continued to hamper efforts to bring more Nigerians into the formal financial system.
The CBN acknowledged that initiatives such as the expansion of payment service banks, the promotion of fintech solutions and the deployment of agents across rural areas have yielded modest gains. However, it stressed that these measures have not been sufficient to close the existing gap.
The bank called for stronger collaboration among regulators, financial institutions, fintech operators and development partners to accelerate inclusion, emphasising the need for tailored products that address the realities of low-income earners and small businesses.
It also urged state governments and the private sector to intensify investments in digital infrastructure and financial education, describing them as critical to achieving inclusive economic growth.
Financial inclusion remains a key pillar of Nigeria’s economic development agenda, as broader access to financial services is expected to boost savings, enhance credit availability and reduce poverty. However, the CBN warned that without renewed commitment and coordinated action, the country risks missing its long-term inclusion targets.
