Philip Ikeazor, Deputy Governor in charge of Financial System Stability at the Central Bank of Nigeria (CBN), says financial inclusion must remain a central pillar of Nigeria’s economic transformation agenda, stressing that the next phase of reforms will be critical for driving growth, stability, and poverty reduction.
Speaking through Aisha Issa Olatinwo, Director of Consumer Protection and Financial Inclusion, at the 9th Annual Financial Markets Conference organised by the Financial Markets Dealers Association, Ikeazor said the link between financial inclusion, economic stability, and national development has become more evident, describing inclusion as “a fundamental pillar for improving livelihoods.”
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He emphasised that every Nigerian should have access to secure and reliable financial services capable of boosting prosperity, reducing poverty, and strengthening social well-being.
While acknowledging progress made over the past decade including increased adoption of digital wallets, bank accounts, and formal financial channels he said significant challenges persist. Rural and low-income populations still contend with limited service access points, low financial literacy, infrastructure gaps, and regulatory hurdles.
Ikeazor noted improvements recorded between 2012 and 2023, particularly a reduction in adults relying solely on informal financial systems, but warned that major access gaps remain.
Reaffirming the CBN’s commitment, he said ongoing reforms under the National Financial Inclusion Strategy (NFIS) are being updated into a new phase, NFIS 4.0, which will strengthen digital channels, expand credit access, and improve support for underserved groups.
“Policy remains at the heart of our efforts,” he said. “We have implemented several initiatives from the original strategy to the current version under review, which will be released as NFIS 4.0.”
He described technology as the most powerful driver of inclusion, noting that mobile wallets, digital payments, and fintech-powered credit are breaking long-standing barriers and enabling millions to access financial services that were previously out of reach.
The Deputy Governor added that the CBN is prioritising cybersecurity, consumer protection, and responsible innovation to ensure a safe expanding digital financial ecosystem.
He outlined the broader economic impact of inclusion: increased savings and investment, improved credit access, stronger resilience to shocks, deeper economic participation, and expanded opportunities for job creation and poverty reduction.
“Financial inclusion can help reduce income inequality and grow the economy to its full potential,” he said.
Ikeazor emphasised that the success of Nigeria’s financial inclusion goals will depend on collaboration across regulators, financial institutions, fintech innovators, civil society, development partners, and the public.
“Achieving our vision requires collaboration across governments, regulators, financial institutions, technology developers, civil society and the public,” he said.
He added that Nigeria’s youthful population and rapid digital adoption provide a significant opportunity to achieve near-universal financial inclusion in the coming years.
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