The EFInA Newsletter

Editorial

Welcome to the EFInA Newsletter, where we share stories from our work promoting financial inclusion and economic empowerment in Nigeria. This is the first in a series of publications to provide updates on EFInA initiatives and major stories and events around the financial and economic ecosystem.

This edition highlights key moments from the Gender and Inclusion Summit 2024, organized by the Policy Innovation Centre of the Nigeria Economic Summit Group (NESG), where we launched the Access to Finance (A2F) 2023 Women’s Economic Empowerment Report. This led a conversation around the inclusion of the almost 60% of adult Nigerian women still excluded from formal financial systems, especially those in rural communities.

We were privileged to have been recognized for our work at the maiden MSME Finance Awards, organized by Nairametrics and Economic Forum Media Ltd., where we were given the honorary award for supporting MSME Digital Financial Inclusion Programs and Policy Initiatives. We appreciate the organizers for the acknowledgment, and, of course, we state our commitment to continue to pursue opportunities for underserved segments of our population to have not just financial access but economic empowerment through innovation.

Also, in this issue, we spotlight the steps being taken toward inclusive development on a global scale. From Saudi Arabia's pioneering digital identity systems to Rwanda’s biometric SIM registration efforts, countries worldwide are making strides in expanding access to essential services through technology. These examples serve as benchmarks for Nigeria’s digital transformation, as President Tinubu’s administration advances digital public infrastructure to strengthen financial inclusion, security, and citizen empowerment.

At EFInA, we believe that financial inclusion is more than just access—it’s empowerment. Through research, advocacy, systems strengthening, partnership, and innovation, we continue to champion financial solutions that enable all Nigerians to participate fully in the economy. As we move forward, we invite you to join us in shaping a more inclusive future where all Nigerians are financially included and economically empowered.

Sincerely,

The EFInA Advocacy Team

EFInA Spotlight

EFInA Launches the Access to Finance 2023 Women’s Economic Empowerment Report at the Gender and Inclusion Summit 2024

The NESG’s Policy Innovation Centre (PIC) held its annual Gender and Inclusion Summit in a bid to unify voices and mobilise stakeholders to advance gender equity. EFInA’s Gender Centre of Excellence and Financial Sector Deepening (FSD) Network co-curated a multisectoral panel discussion to highlight the multidimensional needs of women who need to interact cohesively to drive sustainable economic empowerment outcomes for them. The panel referenced the Access to Finance (A2F) 2023 Women's Economic Empowerment (WEE) Report. Its insights can be leveraged to identify gaps and areas of opportunity that require urgent collaboration. Access the report highlights here.

Some of the key takeaways from the panel session:

● According to the A2F 2023 WEE report, education, digital, and financial literacy are crucial drivers in achieving women’s economic empowerment in Nigeria. The panel stressed the need for targeted initiatives to enhance these areas, particularly for women in rural and underserved communities.?

● Ensuring women have a voice and agency is critical to achieving women's economic empowerment. A crucial component of the agency is access to livelihood, capital, livelihood, and digitization is vital.?

● There is a notable gap in access to digital financial services (DFS), with only 30% of women in agriculture accessing Internet services. The distrust of formal financial institutions further drives women toward informal financial structures.

● Women often turn to informal financial structures due to an ongoing depreciation of trust in formal financial institutions. However, their active participation in informal groups, such as savings and credit associations significantly contribute, significantly contributes to their financial inclusion as these groups become digitized. This approach has been exemplified by the success of the Nigeria for Women Program (NFWP), which leverages group-based models to enhance women’s financial inclusion and shift gender norms, positioning it as an effective strategy for empowering women economically.

● Emphasis was placed on the need for collaboration across sectors to address the multidimensional challenges women face. The NFWP’s multi-coordination approach, involving various agencies to drive women's economic empowerment, was highlighted as an effective strategy.

● The necessity of gender-sensitive financial regulations was discussed, focusing on building consumer trust, particularly in digital financial services. The panel called for regulators to consider gender-specific constraints when designing economic systems.

Emezino “Zino” Afiegbe??speaks on the National Women’s Economic Empowerment Policy.

Gender Centre of Excellence Lead, Emezino “Zino” Afiegbe joined Kelechi Anyikude on Instagram Live?to discuss the implications for social advancement regarding the Women’s Economic Empowerment (WEE) Policy. The WEE Policy and Action Plan was launched in May 2023 by the Federal Government under former President Muhammadu Buhari, along with development partners such as the World Bank.

The policy aims to advance gender equality by 2028, boosting women’s participation in the labour force, leadership roles, and agriculture. It also aims to improve financial inclusion for women to 75% and raise girls’ secondary school enrolment to 75%. The WEE Policy has been implemented in only three states: Kaduna, Kano, and Lagos. EFInA and other gender equality advocates have expressed concern over this slow progress, urging all states to adopt the policy and ensure its implementation. The role of state governors is therefore crucial in ensuring the policy is localised, and that accountability and impact measurement are central to achieving these targets.

EFInA wins Award for MSME Digital Financial Inclusion Programs and Policy Initiatives

On September 27, 2024, Enhancing Financial Innovation & Access (EFInA) was celebrated by Nairametrics Financial Advocates and Economic Forum Media for its significant contributions to Nigeria's Micro, Small, and Medium Enterprises (MSMEs) landscape. Recognized at the 2024 MSME Finance awards ceremony, this accolade highlights EFInA’s unwavering commitment to promoting financial inclusion for underserved segments. Through their relentless efforts, EFInA has become a beacon of hope, driving transformative changes and fostering a more inclusive financial future for MSMEs. Read more about the award here.

From L-R: Immanuel Umukoro, EFInA Policy & DFS Advocacy manager, Chinasa Collins-Ogbuo, EFInA Advocacy & Communications Lead, Mrs Nkem Oni- Egboma, former Chief Financial Officer, 9Mobile.

General News update

Empowering Inclusive Development

On 23 September 2024, United Nations Women (UN Women) signed an MoU with media executives in Nigeria to boost advocacy for gender equality, combat violence against women, and empower women across the country. Beatrice Eyong, UN Women’s representative, stressed the pressing need to increase women's political representation—currently at just 4% in parliament—highlighting legislative efforts like the reintroduction of the ‘Gender Equal Opportunities’ Bill. She also warned that, without urgent action, millions of Nigerian women could remain trapped in poverty by 2030. Speaker Abbas Tajudeen reinforced this call, emphasising that greater female participation in leadership is key to sustainable development. The MoU underscores the media’s critical role in promoting women’s inclusion and holding the government accountable, while women's groups pushed for stronger legal protections through amendments to the Violence Against Persons Act. The House of Representatives also reaffirmed its commitment to gender equality and inclusive development during the roundtable.

Tech Talk: Bridging the Digital Divide for Inclusive Development

President Bola Tinubu reaffirmed his commitment to expanding the country’s digital ID system, recognizing it as a crucial driver for inclusive development and access to essential services like financial inclusion, healthcare, and social protection. This pledge, made during Nigeria's Identity Day, aligns with broader government efforts to strengthen digital public infrastructure (DPI), including a $2 billion investment to expand the national fibre optic network. With initiatives such as the Centralized Citizens’ Integrity and Document Authentication System (CCIDAS) underway, Nigeria aims to boost digital connectivity, enhance security, and empower citizens to participate fully in the global economy.

The National Information Technology Development Agency (NITDA) launched the "Digital Literacy for All" initiative in Niger State, aimed at achieving 70% digital literacy by 2027 as part of President Bola Tinubu's reforms for inclusive economic growth. This initiative seeks to bridge the digital divide by equipping Nigerians with essential digital skills, particularly in underserved regions. By improving access to digital tools, it supports financial inclusion efforts, enabling more individuals to engage in the digital economy and fostering broader economic development. Achieving this goal is crucial for Nigeria’s long-term economic and social progress.

Global Excellence: Showcasing Best Practices for Inclusive Development

Saudi Arabia's Absher platform, launched in 2010, has become central to the country's digital transformation, enhancing public service efficiency and financial inclusion. By streamlining digital identity verification for financial transactions, Absher has enabled over 7.7 million transactions in July 2024 alone, significantly contributing to the financial ecosystem under the "Vision 2030" initiative. This integration supports secure and accessible financial services, with 94% of adults now holding digital wallets or bank accounts. Despite progress, challenges remain, particularly in ensuring equitable access across urban and rural areas, underscoring the need for ongoing efforts to bolster financial inclusion in Saudi Arabia’s evolving economic landscape.

Rwanda is piloting a biometric SIM registration and verification system to bolster national security and combat mobile money scams, in line with new regulations from the Rwanda Utilities Regulatory Authority. Individuals must present national identity cards or passports to register SIM cards, with their biometric data compared against the National Identification Agency (NIDA) database. This initiative is crucial for enhancing financial inclusion and security, as it aims to reduce risks associated with mobile fraud, evidenced by recent arrests in the country. However, the move raises concerns about data privacy and security, highlighting the need for a balance between protecting citizens and safeguarding their privacy as Rwanda advances toward a fully digitized national ID system.

NITDA Introduces the National Digital Economy and e-Governance Bill

he National Information Technology Development Agency (NITDA) has recently introduced the Digital Economy and e-Governance Bill, aiming to enhance Nigeria's digital landscape and streamline governance through technology. This landmark legislation seeks to establish a comprehensive framework for the digital economy, focusing on fostering innovation, supporting tech startups, and improving public service delivery.

Key provisions of the bill include enhancing cybersecurity measures, protecting personal data, and establishing guidelines for digital transactions. This legislative initiative also emphasizes the importance of digital literacy and capacity building, ensuring that all Nigerians can engage with emerging technologies effectively. As the country moves towards a more digitized future, the NITDA Digital Economy and e-Governance Bill stands as a pivotal step in shaping an inclusive and efficient digital ecosystem that benefits all citizens, businesses, and government agencies alike.

Want to know more about the bill and its impact on financial inclusion? Read more here.

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Special Feature

Financial Inclusion: A Catalyst for Sustainable Development

By Aisha Hadejia

Partner, Sahel Consulting; Guest Contributor for EFInA.

“We are far off the ambitious target set by the National Financial Inclusion Strategy to bring 95% of the population into the formal financial system by 2024. The gap is especially wide for rural women, who face barriers that go beyond banking access. In these areas, poor infrastructure, lack of internet connectivity, and the absence of bank branches create a vicious cycle of financial exclusion. This exclusion prevents them from connecting to formal value chains, restricting their ability to access financing, scale businesses, and contribute to national development. But the solution isn’t just to open more bank accounts.” - Read more here.

Solving the challenge of access to finance by Nigerian MSMEs

By Mr. Olu Akanmu

Industry Expert, Board Director at EFInA

“As Nigeria goes through the challenge of economic reforms, solving the challenge of the access of MSMEs to finance and credit is critical to ensuring that the benefit of reform is more inclusive. A radical leap in MSME access to finance will also moderate the short-term tendency of economic reform to disproportionately weigh on the MSMEs and low income, thereby ensuring that all boats are lifted together to more widely shared prosperity. A flywheel of concert and complementary initiatives, which have been discussed here will be needed to solve the challenge of MSMEs access to finance in Nigeria sustainably.” - Read more here.

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