The Governor of the Central Bank of Nigeria (CBN) Mr Olayemi Cardoso, said that financial inclusion must go beyond access to services and deliver measurable improvements in Nigerians’ financial wellbeing.
He made the statement at the 2026 Access to Financial Services in Nigeria (A2F) survey, in Abuja on Wednesday. The CN+BN Governor who was represented by the Director, Consumer Protection and Financial Inclusion CBN, Dr Aisha Olatinwo, lauded Enhancing Financial Innovation and Access (EFInA) for its sustained investment in demand-side evidence and partnership with the CBN and financial inclusion ecosystem.
He said that the A2F survey was an accountability instrument showing participation, usage, barriers and the impact of financial services.
The CBN governor said that the evidence remained essential for policy design, market development, consumer protection and effective targeting of reforms.
He said that the 2023 survey recorded financial inclusion at 74 per cent, up from 64 per cent in 2020.
He said that financial exclusion fell to 26 per cent, while non-bank formal financial services recorded substantial growth.
According to him, the gains reflected digital payments, agent banking, improved identity infrastructure, financial education and regulatory innovation.
However, the CBN governor said that the progress remained uneven, with rural communities and women facing significant financial inclusion gaps.
He said that the credit, insurance and pension products that support long-term resilience remained underused.
“The policy challenge is now to ensure meaningful usage, affordability, reliability, safety and trust. The CBN has positioned inclusive finance within broader microeconomic and financial-sector reforms. Persistent inflation erodes purchasing power, weakens savings and raises credit costs, particularly for low-income Nigerians,” he said.
The CBN governor said that exchange-rate volatility also affected business planning, investment and the cost of essential inputs.
He said restoring price stability and confidence was fundamental to achieving sustainable financial inclusion.
He said that the CBN had refocused its core mandate on monetary and price stability since 2024.
“The apex bank has strengthened liquidity management, monetary policy operations, data analysis and communication to improve policy transmission. We are transitioning towards an inflation-targeting framework focused on transparency, accountability and price stability,” he said.
Cardoso said that financial-system resilience remained central to the CBN’s reform agenda, including the multi-sector recapitalisation programme.
He said that stronger institutions, effective supervision and robust payment infrastructure were essential to protecting depositors and supporting innovation.
According to him, work has commenced on the National Financial Inclusion Strategy (NFIS) 4.0 following the review of NFIS 3.0.
Cardoso said that the new strategy would promote data-driven, accountable and responsible financial inclusion anchored on consumer protection and digital safety.
He said that the planned geospatial mapping would create a national repository showing financial access points and underserved areas.
The CBN governor said that the initiative would support risk-based supervision, evidence-based policies and targeted investment in underserved communities.
He said that the CBN was also strengthening gender-inclusive finance through initiatives supporting women-owned micro, small and medium enterprises.
He said that the women entrepreneurs finance code promoted accountability, gender-disaggregated data and concrete actions to expand financing for women-owned MSMEs.
Cardoso said that the women financial inclusion dashboard was helping to identify disparities and improve the precision of interventions.
He said that the CBN remained focused on last-mile access and financial capability, adding that BVN enrolment reached 67.8 million by December 2025.
He said that the shared agent network expansion facility had supported more than two million agents.
The CBN governor also highlighted the nationwide financial literacy programme aimed at helping Nigerians make informed financial decisions and avoid fraud.
He said that the CBN merged consumer protection and financial inclusion functions in 2025 to facilitate redress for underserved bank customers.
According to him, the redesigned complaints management system is being upgraded to a unified complaint tracking system.
“The system will provide real-time visibility of banking complaints and improve transparency, oversight and resolution,” he said.
He urged financial institutions, fintechs, payment providers, telecommunications operators and development partners to strengthen collaboration.
The CBN governor said that the shared goal should be a financial system where Nigerians could save securely, make payments efficiently and access responsible credit.
“Consumer protection builds trust, while financial inclusion broadens participation, and stronger monetary policy transmission supports wider economic growth.
“The CBN will continue to pursue disciplined, transparent and data-driven policies to strengthen the Naira and promote an inclusive financial system, ” he said.
The Vice President, Corporate Affairs, Moniepoint, Edidiong Uwemakpan, called for data-driven approaches to deepening financial inclusion and expanding opportunities for women entrepreneurs in the country.
Uwemakpan said that gender-disaggregated data could help financial institutions better understand women entrepreneurs and improve access to formal financial services.
She said that the EFInA survey had provided critical insights into Nigerians excluded from financial services and why they remained underserved.
She said that digital transaction records and cash-flow assessments could reduce reliance on traditional collateral requirements for accessing credit.
Uwemakpan said that 62 per cent of female entrepreneurs surveyed through Moniepoint’s inclusive lending programmes accessed their first formal business loan through the platform.
According to her, trust remains critical to achieving meaningful financial inclusion, alongside access to appropriate financial products.
“83 per cent of Moniepoint users reported improved quality of life, while 85 per cent expressed greater confidence achieving financial goals.
“Moniepoint will continue to work with EFInA and the regulators to translate the 2026 survey findings into inclusive financial products,” she said.
Uwemakpan said the products would address collateral barriers, promote cyber hygiene and support entrepreneurs across the country.
(NAN)
