National Financial Inclusion Strategy (Revised)
Strategy · Finance
Policy date: 2020-01-01
A Strategy that sets targets and outlines interventions to increase access to formal financial services for Nigerian adults. It targets financially excluded groups like women, youth, and rural populations, as well as banks and mobile money operators. The strategy aims to reduce financial exclusion by expanding affordable services through digital platforms.
National Financial Inclusion Strategy (Revised)
What Is This Policy?
A revised national strategy that sets targets and outlines interventions for increasing the percentage of Nigerian adults with access to formal financial services, including payments, savings, credit, insurance, and pensions.
Who Does It Target?
Financially excluded and underserved Nigerians, particularly women, youth, and rural populations Banks, microfinance institutions, and mobile money operators Insurance companies and pension fund administrators Federal and state government agencies
What Does It Aim to Achieve?
Reduce the financial exclusion rate to 20% by 2020 (with ongoing targets beyond) by expanding access to a broad range of quality and affordable financial services through agent networks, mobile money, digital platforms, and institutional reforms.
Key Features
Agent Banking: Expansion of banking agent networks to bring financial services closer to underserved populations Mobile Money: Licensing and promotion of mobile money operators for payments and savings Tiered KYC: Simplified account opening requirements for basic accounts to reduce entry barriers Financial Literacy: Nationwide financial education campaigns Gender Inclusion: Specific targets and strategies for closing the gender gap in financial access
Current Status
Rollout Stage: Active with ongoing implementation Coverage: Nationwide, with focus on underserved regions and populations Lead Agency: Central Bank of Nigeria through the Financial Inclusion Secretariat Partners: EFInA, World Bank, Bill and Melinda Gates Foundation, financial sector operators
How to Access
Nigerians can access financial services through banks, mobile money platforms, and agent networks. Open a basic bank account with simplified requirements at any bank or agent Register for mobile money services through licensed operators Access financial literacy resources through the CBN and partner programmes
Impact & Metrics
Between 2010 and 2018, the share of Nigerian adults with access to formal financial services increased significantly. However, the target of reducing exclusion to 20% was not fully achieved, prompting the revised strategy with strengthened mobile money and agent banking provisions.
Official Resources
Website: cbn.gov.ng Contact: Financial Inclusion Secretariat, Central Bank of Nigeria, Abuja
Legal Framework
The Revised National Financial Inclusion Strategy operates under the Central Bank of Nigeria Act 2007, the Banks and Other Financial Institutions Act 2020, and the Nigeria Startup Act 2022 (on fintech). It aligns with the National Digital Economy Policy, the Microfinance Policy Framework, and international standards from the G20 Global Partnership for Financial Inclusion (GPFI), the Alliance for Financial Inclusion (AFI) Maya Declaration, and the UN Sustainable Development Goals (SDG 8 — Decent Work and Economic Growth, SDG 10 — Reduced Inequalities).