The EFInA Newsletter
EFInA Spotlight
EFInA launches a Podcast Series dedicated to enlightening the public on financial and economic inclusion in Nigeria.
EFInA has launched its first podcast series, "The EFInA Podcasts," which explores financial and economic inclusion in Nigeria through data-driven insights and real-life stories. The podcast features insightful conversations with key stakeholders to address challenges and promote inclusive solutions.
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On the first episode of the podcast, Chinasa Collins-Ogbuo , the EFInA Advocacy Lead, speaks to Oluwatomi Eromosele , a development economist expert who currently serves as EFInA’s General Manager and Research Lead, to discuss the increasing threat of risk exposure to consumers due to the growing adoption of digital financial services. The conversation reveals how these issues reduce the trust quotient in the market and pose a significant threat to financial inclusion, which is built on trust.??Listen to the episode, share and join the discussion on YouTube, Spotify, Apple and Wokpa.
Kaduna State Bureau of Statistics partners with EFInA to reveal key findings on financial inclusion in the state
The Kaduna State Bureau of Statistics (KDBS), in partnership with EFInA and other key stakeholders, hosted a dissemination event showcasing several reports from the Bureau between 2022 and 2023 and the impact of these findings on policy and Government interventions in Kaduna State.
Speaking during a panel session titled "Kaduna Data Insights: Empowering Growth through Financial Inclusion," General Manager and Research Lead EFInA,?Dr Oluwatomi Eromosele remarked that formal financial inclusion of the adult population in Kaduna state increased from 36% in 2018 to 57% in 2023. This is significant and commendable progress. Still, several disparities exist, with women, farmers, business owners, the rural population, and the poor more likely to be formally excluded - just 9% of adults are financially healthy. Additionally, 85% of adults are food insecure, and three-quarters of adults have gone without medication due to a lack of resources.
EFInA remains committed to partnering with the Kaduna State Government and other stakeholders to develop innovative solutions that expand financial access, particularly for the most vulnerable populations. Read more about the event here.
International Day of Rural Women: EFInA Calls for Financial Inclusion for Rural Women at TechHERfrica PoliServe Dialogue
To mark the International Day of Rural Women, TechHerfrica hosted its maiden edition of the PoliServe Dialogue on October 15. This landmark event, themed “Enhancing Livelihoods of Rural Women through Stakeholder Collaboration,” focused on addressing the challenges rural women face in Nigeria, from financial exclusion to digital gaps and limited business opportunities.??
The event featured 50 rural women from 10 communities, representing their respective communities. EFInA engaged with these women who shared firsthand accounts of the challenges they face in their local environments, particularly concerning business, livelihood, and social well-being. EFInA also shared data-driven solutions for financial inclusion among rural women.
Leveraging Data for Impact: EFInA's Insights at the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) Conference 2023
EFInA played a pivotal role at the 8th AMMBAN conference held in Benin, Edo State. The event, themed "From Data to Action," focused on leveraging insights from the A2F 2023 Survey to accelerate financial inclusion. EFInA's experts, including Immanuel Umukoro and Chioma Nwaiwu, contributed to discussions on gender equity, fraud mitigation, data-driven innovation, and the role of mobile money agents in accelerating financial inclusion. Access a recording of the panel session here.
Some of the key takeaways from the session:
General News Update
Gender Lens: Empowering Inclusive Development
● The Nigerian government has acknowledged the World Bank's significant contribution to women's economic empowerment. During the 2024 Joint Planning Board and National Council on Development Planning meeting, the government emphasized the importance of gender-inclusive planning for national economic growth and social well-being.
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● The World Bank has reaffirmed its commitment to expanding women's economic opportunities. At their Annual Meeting, World Bank Group President Ajay Banga, sat with Ministers from Nigeria, Togo, and the UK, where he announced a set of actions and goals to boost economic opportunities for more women – aligned with the Bank’s new Gender Strategy, dedicated to expanding women’s participation in the global economy. Nigeria's Finance Minister, Wale Edun, emphasized the country's commitment to women's economic empowerment, highlighting the National Action Plan and the World Bank's Nigeria for Women Project.
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● The Central Bank of Nigeria (CBN), Bank of Industry (BOI), and Development Bank of Nigeria (DBN) have publicly declared their commitment to the Women Entrepreneurs Finance Code (We-Fi Code) to address the substantial NGN 294bn funding gap affecting women-owned and women-led micro, small, and medium enterprises in Nigeria. By adopting the We-Fi Code, these financial institutions aim to empower women entrepreneurs, promote gender equality, and foster financial inclusion. The banks have already taken proactive steps to support women-owned businesses, with BOI financing 833 businesses and disbursing NGN 99bn, while DBN has disbursed over NGN 187bn to support 357,000 women-owned businesses.
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● Wema Bank, through its women-focused proposition SARA by Wema, has partnered with the Federal Ministry of Women Affairs to launch the MOWA x SARA Accelerator Programme. This initiative aims to empower 500,000 women across Nigeria with vocational and business management skills over 24 months. The programme recognizes the need for tailored solutions to help women navigate the challenging economic terrain and become economically active. By providing skills for self-employment, resources for productivity, and support for success, Wema Bank and the Federal Ministry of Women Affairs are working together to promote gender inclusion, equality, and women's empowerment.
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The Lagos State Government has partnered with three financial institutions to provide loans and financial literacy training to indigent women traders, aiming to enhance financial inclusion and eliminate financial exclusion across the state. This initiative, announced by Dr Oreoluwa Finnih-Awokoya, the Special Adviser to the Lagos State Governor on Sustainable Development Goals (SDGs), aligns with the office's mandate to promote human capital development and support underserved communities. To benefit from the programme, women traders must have a National Identification Number (NIN) and be registered with the Lagos State Resident Registration Agency.
Tech Talk: Bridging the Digital Divide for Inclusive Development
● At the 8th Annual National Conference of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), the federal government announced its goal to build a USD 1 trillion economy by 2030 through financial inclusion. The government plans to achieve this by enhancing access to credit for micro, small, medium, and nano enterprises (MSMSNE) and establishing Neighborhood Financial Inclusion Centers (NFIC) to provide a one-stop shop for financial services in excluded communities.
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● The Securities and Exchange Commission (SEC) has reported a significant increase in Nigeria's financial inclusion landscape, with formal financial service usage growing from 30% in 2016 to 50% in 2023. Dr. Agama Emomotimi, the Director-General of the SEC quoting EFInA’s A2F 2023 survey, said the adoption of financial services agents has also surged from 4.4% in 2018 to 54% in 2023. This growth is a positive step towards providing more Nigerians, especially those in rural areas, with access to formal financial services. However, the SEC emphasizes the need for financial literacy to enable individuals to make informed decisions and achieve financial well-being.
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● The Federal Executive Council of Nigeria has proposed an amendment to the National Identity Management Commission (NIMC) Act of 2007 which would require foreign nationals living in the country to obtain a government-issued National Identification Number (NIN). This proposal aims to bring expatriates into Nigeria's formal tax system, as the NIN will provide them with a tax identity and enable them to be taxed under the country's tax structure. The amendment is part of a broader effort to increase the scope of people registered in the national identity database and to ensure NIN is mandatory for tax-related transactions.
Global Excellence: Showcasing Best Practices for Inclusive Development
● The World Economic Forum, in collaboration with the Research Center for Wealth Management, Tsinghua University PBC School of Finance shared that Nigeria can learn from the successes of financial inclusion initiatives in China, India, and the United States.??India's Pradhan Mantri Jan Dhan Yojana (PMJDY) program helped increase bank account ownership from 35% to 78% between 2014 and 2024 by creating accounts for every household. This well-established digital infrastructure enabled efficient distribution of COVID-19 relief payments. China's introduction of the digital yuan (e-CNY) helped bring unbanked individuals into the formal financial system by reducing reliance on physical cash, even in areas with poor connectivity.
● Access Bank Plc has relaunched its 'W' Initiative in Zambia and Botswana as part of its commitment to empowering women and driving financial inclusion in Southern Africa. The initiative offers tailored financial solutions, promotes financial literacy, and creates opportunities for professional development to elevate women in business and leadership. Access Bank's efforts, including a pledge of K500,000 towards nutritional programs in Zambia and the introduction of innovative financial products for women in Botswana, demonstrate its dedication to fostering women's empowerment and opening doors for women to access opportunities that enable them to lead, grow, and succeed.
Special Feature
Rural Women: Asset or Charity? This title reflects the discussion around the role of rural women in society. Are they seen as valuable contributors to their communities, or are they regarded merely as recipients of charity?
By Tolulope Babajide
“The rural population is experiencing rapid growth, with the latest estimates indicating that as of 2023, it has surged to approximately 102,316,764 people. This figure reflects a notable 0.73% increase from 2022, and it is important to highlight that women constitute more than 60% of this population, underscoring their vital role in the rural social and economic economies.”
Read more here.
Financial Inclusion 101 and A2F Fast Facts.
Financial inclusion is about more than opening a bank account—it’s about empowering individuals to access and use financial services that meet their needs: savings, transfers, payments, insurance, and investments, whether formal or informal. True financial inclusion means that every adult in Nigeria can access a full range of quality financial services at an affordable cost to improve their livelihoods. But there’s a gap to close: across sub-Saharan Africa, more than half the adult population still lacks access to these essential tools. As Nigeria—the region’s largest economy—works to bridge this divide, it holds an incredible opportunity to transform not only its economy but to lead financial inclusion efforts across the continent.
To strengthen women’s economic empowerment, we need to prioritize the resilience and support of women for sustainability. According to EFInA’s WEE Report, nearly half of the Nigerian women in 2023 who faced climate related shocks experienced repeated damages.
Financial exclusion has a face and it is female. Women are more likely to be excluded from financial services due to a combination of factors like poverty, limited education, and restrictive socio-cultural norms. With women making up 59% of financially excluded adults, gender inequality remains a critical barrier to financial inclusion. Bridging this gap calls for bold, targeted strategies that not only ensure equal access but also unlock women's economic potential. Empowering women financially is not just a necessity - it is a transformative step towards inclusive and national economic growth.
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Human Resource Business Partner|Recruiter|Certified Relationship Mentor
3 个月Well done EFInA Well done Dr Tomi ????????