NATIONAL FINANCIAL INCLUSION STRATEGY NFIS

A Strategy reduces financial exclusion in Nigeria by promoting access to formal financial services. It targets adults, women, youth, and rural communities. The strategy aims to increase financial inclusion and support economic growth.

What Is This Policy?

NFIS 3.0 is Nigeria's third-generation national strategy to reduce financial exclusion and ensure that more Nigerians — especially women, youth, and rural communities — have access to and are actively using formal financial services including payments, savings, credit, insurance, and pensions.

Who Does It Target?

Adult Nigerians who are financially excluded (28.8 million adults as of 2023) Women (financial gender gap persists at 9 percentage points) Rural and Northern Nigeria populations with above-average exclusion rates Youth (18–35) and low-income earners, farmers, and informal sector workers Micro, Small and Medium Enterprises (MSMEs) in the informal economy

What Does It Aim to Achieve?

Near-Term Target: Reduce financial exclusion to 25% by 2024 (achieved ~26% as of 2023 — close to target) Long-Term Target: Achieve 95% formal financial inclusion in the long term Digital Priority: Accelerate digital financial services adoption, agent banking, and cashless payment penetration Gender Equity: Close the gender financial inclusion gap by providing intentional strategies for women's financial access

Key Features

Digital Financial Services (DFS): Prioritises mobile money, agent banking, and USSD channels to reach the unbanked — mobile phone usage at 93% (103 million people) Agent Banking Expansion: Agent adoption skyrocketed from 4.4% (2018) to 54% (2023) providing last-mile access Financial & Digital Literacy: NFIS 3.0 places high priority on financial and digital learning as a prerequisite for sustainable inclusion Multi-Stakeholder Governance: Led by CBN's Financial Inclusion Secretariat, supervised by FSRCC, with Banks, Fintechs, MNOs, Regulators, and Development Partners Consumer Protection: Ensures fair market conduct, dispute resolution, and consumer education as inclusion enablers Tiered KYC: Simplified Know-Your-Customer requirements to lower barriers for low-income and rural users

Current Status

Rollout Stage: Active — under NFIS 3.0 (2022 onwards); progress reviewed through EFInA Access to Finance (A2F) surveys Coverage: National; priority to underserved North-West, North-East, and rural areas Beneficiaries: Financial inclusion rose from 68% (2020) to 74% (2023); formally served adults at 64% Funding: Institutional funding via CBN, FSRCC members (SEC, NAICOM, PenCom, NDIC), and development partner support

How to Access

Financial inclusion products are accessed through banks, microfinance banks (MFBs), fintechs, mobile money operators (MMOs), and agent banking networks. Individuals: Open a bank account, mobile money wallet, or Tier-1 account at any licensed financial institution using a NIN MSMEs: Access credit through microfinance banks or Bank of Industry (BOI) channels supported by NFIS frameworks Digital Platform: SabiMONI (CBN's e-learning platform) for financial literacy training at sabimoni.gov.ng Contact: CBN Financial Inclusion Secretariat: cbn.gov.ng/FinInc | 33 Tafawa Balewa Way, Central Business District, Abuja

Impact & Metrics

Financial inclusion rate rose from 24% (2008) to 74% (2023) — a 50-point gain over 15 years 45% of Nigerians used digital financial services in the past 12 months (2023), up from 34% in 2020 Financial exclusion reduced from 46.3% (2010) to 26% (2023); 28.8 million adults still fully excluded

Official Resources

Website: cbn.gov.ng/FinInc | sabimoni.gov.ng Contact: Central Bank of Nigeria, Abuja | Financial Inclusion Secretariat | [email protected] Summary prepared using the Policy Summary Template | Source: CBN, EFInA, Center for Financial Inclusion, A2F Survey 2023 | February 2026

Legal Framework

The National Financial Inclusion Strategy operates under the Central Bank of Nigeria Act 2007, the Banks and Other Financial Institutions Act 2020 (BOFIA), and the Microfinance Policy Framework. It aligns with the National Financial Literacy Framework, the Nigerian Communications Act 2003 (on mobile money), the National Identity Management Commission Act (on digital identity for account opening), and the Maya Declaration on financial inclusion commitments under the Alliance for Financial Inclusion (AFI).