By Benson Daniel
The Chartered Institute of Bankers of Nigeria (CIBN) and the Association of Corporate Affairs Managers of Banks (ACAMB) have urged banks and other financial institutions to intensify efforts toward deepening financial inclusion across Nigeria, stressing that wider access to financial services is essential for sustainable economic growth and national development.
The call was made during a stakeholders’ engagement where industry leaders highlighted the need for stronger collaboration among banks, regulators, fintech companies, and other financial service providers to ensure that millions of underserved Nigerians gain access to affordable and reliable financial products.
The banking professionals noted that despite significant progress in expanding digital banking and payment systems, a large number of Nigerians, particularly those in rural and remote communities, remain outside the formal financial system. They emphasized that addressing this gap would require innovative products, improved financial literacy, and investments in digital infrastructure.
According to the institutions, financial inclusion goes beyond opening bank accounts, as it also involves ensuring that individuals and small businesses have access to savings, credit, insurance, pensions, and digital payment solutions that can improve their economic well-being.
The stakeholders encouraged banks to leverage technology to provide convenient and cost-effective financial services while designing products that meet the specific needs of women, youths, farmers, artisans, and micro, small and medium enterprises (MSMEs). They also stressed the importance of customer education to build trust and confidence in formal financial services.
They further observed that digital innovation has transformed Nigeria’s banking landscape, making financial transactions faster and more accessible. However, they cautioned that digital expansion must be accompanied by robust cybersecurity measures and consumer protection frameworks to safeguard customers against fraud and other financial crimes.
Speaking during the engagement, participants said collaboration between financial institutions and government agencies would be critical in achieving Nigeria’s financial inclusion targets. They called for policies that encourage innovation while creating an enabling environment for financial service providers to reach previously excluded populations.
The banking bodies also emphasized the need for continuous investment in digital infrastructure, particularly in underserved areas where poor connectivity continues to hinder access to banking services. Expanding agent banking networks and supporting financial technology solutions, they said, would play a significant role in closing the inclusion gap.
Industry experts believe that improved financial inclusion will stimulate entrepreneurship, promote savings, enhance access to credit, reduce poverty, and support Nigeria’s broader economic development agenda.
As Nigeria continues to pursue a more inclusive financial ecosystem, stakeholders expressed optimism that stronger partnerships between banks, regulators, and technology providers will accelerate access to financial services and contribute to long-term economic resilience.
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