Modupe Ladipo, with over 35 years of experience in investment banking, capital markets, women’s economic empowerment, and financial innovation, has been a driving force in Nigeria’s financial inclusion movement. Throughout her illustrious career, she has focused on advancing the United Nations’ Sustainable Development Goals (SDGs), particularly SDG 1 (No Poverty), SDG 5 (Gender Equality), SDG 8 (Decent Work and Economic Growth), SDG 9 (Industry, Innovation, and Infrastructure), and SDG 10 (Reduced Inequalities).
As the Managing Director of Prosperar Consulting, Ladipo is dedicated to building inclusive economies in emerging markets, advocating for access to finance, improving financial literacy, and supporting SMEs, youth, and women-led businesses. Her work ensures that underserved communities, especially women and youth, play an active role in Nigeria’s economic transformation.
Before founding Prosperar Consulting, Ladipo was the pioneering CEO of Enhancing Financial Inclusion & Advancement (EFInA). Under her leadership, EFInA played a key role in reshaping Nigeria’s financial inclusion landscape, increasing banking penetration from 21% in 2008 to 45% in 2020. She spearheaded initiatives like the EFInA Access to Financial Services (A2F) Survey and the launch of an Innovation Fund, which provided essential financial products to underserved communities.
In this exclusive interview, Modupe Ladipo discusses her motivations for transitioning from investment banking to financial inclusion, her impactful work in Nigeria, and her ongoing commitment to empowering communities.
What motivated you to transition from investment banking in the UK to championing financial inclusion in Nigeria?
After many years in investment banking, particularly at the London Stock Exchange, I saw the crucial role stock exchanges play in driving economic development. I realised that underdeveloped markets, especially in Africa, could greatly benefit from stronger capital markets. In 2008, a close friend encouraged me to return to Nigeria, believing my background in capital markets could help drive economic change. However, I quickly learned that the most pressing need was improving financial access for underserved populations, including rural communities, women, and SMEs. This shift in focus led me to become deeply involved in financial inclusion, which turned out to be both personally and professionally fulfilling.
Reflecting on your time as the pioneer CEO of EFInA, what initiatives or projects had the most significant impact on advancing financial inclusion in Nigeria?
My time at EFInA was marked by several transformative initiatives. Here are some highlights:
- Nigeria’s National Financial Inclusion Strategy (NFIS): I worked closely with the Central Bank of Nigeria (CBN) to develop Nigeria’s NFIS in 2012, setting a precedent for other countries globally.
- A2F Survey: We launched the first-of-its-kind A2F survey in 2008 to measure access to and usage of financial services among Nigerian adults. This data has become a trusted benchmark for shaping policies and strategies.
- Policy Advocacy: EFInA advocated for crucial regulatory changes, such as tiered KYC, non-interest banking, and agent banking, to create an enabling environment for financial inclusion.
- Innovation Fund: EFInA’s Innovation Fund catalysed the development of digital financial services for underserved communities.
- Capacity Building: We strengthened the capacity of public and private sector stakeholders, embedding financial inclusion into the national dialogue.
These efforts contributed to a 26-million increase in the number of Nigerian adults participating in the formal financial sector between 2008 and 2016.
How are you leveraging your experience as Managing Partner of Prosperar Consulting to deepen economic and financial inclusion in Nigeria, particularly for women-owned/led SMEs?
At Prosperar Consulting, we focus on building inclusive economies, working with governments, financial institutions, and policymakers to create opportunities for underserved populations, particularly women and youth. Our key initiatives include:
- Women Entrepreneurs: We provide tailored resources, financial products, and mentorship for women entrepreneurs, helping them overcome barriers like limited access to collateral, financial literacy gaps, and cultural constraints.
- Digital Financial Solutions: We advocate for and develop digital financial services to improve access to financial tools for women.
- Financial Literacy: We offer programs to help women better understand and navigate formal financial systems, empowering them to effectively manage capital.
Our work has directly contributed to creating sustainable financial solutions for Nigerian women entrepreneurs, with significant achievements like the development of a Women’s Economic Empowerment Strategy for the Bank of Industry.
Congratulations on your recent appointment to the Presidential Committee on Economic and Financial Inclusion (PreCEFI). What is your vision for this role and the key objectives you aim to achieve?
Thank you! As a member of the Technical Implementation Committee (TechCo) of PreCEFI, my vision is to create a truly inclusive financial ecosystem that empowers individuals, especially women, youth, and SMEs. I plan to implement strategies that will make financial services more accessible, affordable, and tailored to marginalized communities. One of my main objectives will be ensuring that financial inclusion strategies not only reach more people but also address the unique needs of underserved populations.
What role do fintech companies play in bridging the gap for underserved communities?
Fintech companies are playing a transformative role in closing the financial inclusion gap, especially for underserved communities. By leveraging technology, fintechs have made financial services like microloans, savings, insurance, and payments more accessible. They lower transaction costs, improve the speed of financial services, and provide a more seamless user experience. However, consumer protection, transparent pricing, and data privacy are crucial for building trust and ensuring the sustainability of these services.
How do you envision Nigeria’s financial inclusion ecosystem evolving over the next decade?
By 2030, I believe Nigeria’s financial ecosystem will be significantly more inclusive, with a focus on mobile technology and data analytics. Digital financial services will expand access to savings, insurance, and credit for women, youth, and SMEs. Collaboration between fintechs, regulators, and traditional financial institutions will lead to a more integrated and efficient financial ecosystem.
What are the primary barriers women and youth face in accessing finance, and what strategies have proven effective in overcoming these challenges?
Women face challenges like limited access to collateral, cultural norms, and gender biases, while youth struggle with a lack of credit history and underemployment. To overcome these challenges, we have developed financial products tailored to women and youth, such as microloans without collateral and products designed for first-time borrowers. Blended finance solutions have also helped reduce the risks for financial institutions, encouraging them to lend to these groups.
Modupe Ladipo’s pioneering work in financial inclusion has profoundly impacted Nigeria’s economic landscape. From her early days in investment banking to her leadership at EFInA and Prosperar Consulting, she has dedicated her career to creating inclusive financial systems that empower underserved communities, particularly women, youth, and SMEs.
Looking to the future, Ladipo’s vision is for Nigeria to become a country where everyone, regardless of gender, age, or background, has access to the financial tools they need to thrive. Her work will continue to shape the country’s financial inclusion journey for years to come.
