For decades, conversations around financial inclusion in Nigeria have focused heavily on technology. Mobile banking, fintech applications, agent banking and digital wallets have become the dominant narratives. While these innovations have undeniably expanded access, they have also created a blind spot in the wider ecosystem. One of the most powerful yet underutilised pathways to sustainable financial inclusion lies not only in technology but also in institutional partnerships.
Nigeria has made measurable progress in financial inclusion over the last few years. According to the 2023 Access to Finance Survey by EFInA, formal financial inclusion rose from 56 percent in 2020 to 64 percent in 2023, while financial exclusion declined from 32 percent to 26 percent within the same period. Yet approximately 28.8 million adult Nigerians remain financially excluded.
This reality presents both a challenge and a massive opportunity. The next phase of inclusion growth will not come solely from opening more bank accounts or launching more apps. It will come from embedding financial services within trusted institutional ecosystems that Nigerians already interact with daily. Pension funds, insurance firms, cooperatives, trade associations, religious organisations, employers, agricultural unions and community networks can become powerful distribution channels for inclusive finance.
