EFInA Proposes Targeted Intervention to Bridge Financial Inclusion Gap

 Omolabake Fasogbon

A financial sector development organisation, the Enhancing Financial Innovation & Access (EFInA), has called for targeted interventions to bridge Nigeria’s financial inclusion gap, particularly in underserved and conflict-zone areas.

The group in its States’ Fact Sheets released recently, highlighted a stark disparities in financial inclusion across Nigeria, with Kogi, Lagos and Ekiti states leading in banking penetration rate by 94, 91 and 77 percent respectively. 

The fact sheet provided a comprehensive state-by-state analysis of Nigeria’s financial ecosystems, providing actionable insights for policymakers, financial institutions, and development partners.

It revealed a starkly low banking penetration rate in states like Borno, Yobe and Sokoto down as 13, 22 and 22 percent respectively. 

The report further identified Borno (68%), Zamfara (57%), and Sokoto (60%) as states with the highest exclusion rates, compared to two percent in Lagos and three percent in Kogi.

Following the findings, the group highlighted urgent need for targeted interventions to bridge financial inclusion gaps, particularly in underserved regions. 

It recognised the need to transition informal users into formal financial systems to unlock greater economic opportunities and address disparities. 

“Bridging these gaps will require localised solutions tailored to each region’s unique challenges. There is a quick need for innovative approaches, such as mobile banking and digital financial solutions to extend services to vulnerable populations. 

“States like Kogi and Lagos demonstrate what’s possible with robust financial ecosystems. But replicating this success in underrepresented regions demands intentional strategies and collaborative efforts by stakeholders, “ EFInA stated. 

The group informed that the fact sheets marks a significant step toward achieving widespread financial inclusion in Nigeria, restating its commitment to inspire collaborative efforts that will drive the mission.