The newly appointed CEO of EFInA, Foyinsolami Akinjayeju, is stepping into her role with a clear vision: to drive lasting change in Nigeria’s financial ecosystem. Akinjayeju sees this as a pivotal moment to close the financial inclusion gaps that persist despite significant progress in recent years.
In a conversation with The Guardian, she emphasized that while access to formal financial services has improved, true financial inclusion must go beyond accessibility—it should empower individuals, families, and entire communities to build financial resilience and create sustainable livelihoods.
A Mission Beyond Access
EFInA’s work, according to Akinjayeju, extends beyond simply increasing financial access. The organization is committed to providing Nigerians with the necessary tools to escape poverty and secure their financial futures. She expressed confidence in EFInA’s ability to make a real impact, thanks to its strong leadership team, dedicated board, and committed workforce.
Her top priorities include deepening financial inclusion for marginalized groups, particularly women, youth, small business owners, and rural communities in the northern regions. EFInA is focused on surpassing its target of 80% formal financial inclusion by ensuring that financial services are not only accessible but also tailored to the specific needs of underserved populations.
Empowering Nigerians Through Financial Services
Akinjayeju stressed that financial inclusion should go beyond merely opening accounts. Instead, it should empower individuals to save, invest, plan for their future, and recover from financial shocks. EFInA’s refreshed strategic direction aims to promote financial literacy, foster a savings culture, and improve access to credit. The ultimate goal is to ensure that Nigerians can build wealth and secure their financial futures.
Strengthening Partnerships for Greater Impact
Collaboration remains at the heart of EFInA’s approach. Recognizing that financial inclusion is a multi-stakeholder effort, Akinjayeju highlighted the importance of strong partnerships between public and private sectors, as well as engagement with civil society. By leveraging collective expertise, resources, and innovation, EFInA seeks to accelerate financial inclusion and ensure that no Nigerian is left behind.
The organization is actively working with policymakers, financial service providers, and regulators to create an inclusive financial ecosystem that serves all citizens.
Addressing Regional Financial Gaps
Despite Nigeria’s overall financial exclusion rate dropping from 32% in 2020 to 26% in 2023, Akinjayeju pointed out that significant regional disparities persist. The Northeast and Northwest regions have financial exclusion rates of 38% and 47%, respectively, compared to 5% in the Southwest and 10% in the South-South.
She identified several barriers, including poor infrastructure, unreliable electricity, weak internet connectivity, low smartphone penetration, security challenges, and cultural and religious constraints. While digital financial services hold promise, limited digital literacy and poor internet access hinder progress in these areas.
To bridge this gap, EFInA is focusing on expanding fintech and mobile banking services, developing region-specific financial literacy programs, and advocating for improved infrastructure and security.
Supporting MSMEs with Financial Access
Micro, Small, and Medium Enterprises (MSMEs) form the backbone of Nigeria’s economy, yet many struggle with limited access to credit. EFInA is tackling this challenge with a data-driven approach, identifying the barriers MSMEs face and developing targeted financial solutions in collaboration with financial institutions, fintech firms, and regulators.
Through its Innovation Support Program, EFInA has supported fintech startups like Cowrywise and Esusu Africa in creating scalable financial solutions. The organization has also worked with Credit Registry to integrate gender-disaggregated data, helping bridge the credit gap for women entrepreneurs. Additionally, EFInA has played a key role in shaping policies such as the Central Bank of Nigeria’s agent banking guidelines and frameworks for women’s financial inclusion.
Building Trust in Financial Institutions
Trust is a major barrier to financial inclusion, particularly among low-income Nigerians. Hidden fees, complex financial products, and poor customer service contribute to skepticism toward formal financial institutions.
To rebuild trust, Akinjayeju advocates for simplifying financial products, ensuring transparency, and improving customer service. She also supports financial literacy initiatives that educate consumers about their rights and responsibilities, along with policies that guarantee fair treatment for low-income customers. By addressing these trust issues, EFInA aims to foster a financial ecosystem where all Nigerians feel secure in using financial services.
Expanding Digital Financial Services
Digital financial services are rapidly expanding, with fintech companies driving much of the growth in financial inclusion. EFInA’s latest survey revealed that the use of financial service agents surged from 4% in 2018 to 54% in 2023, benefiting 11 million previously excluded Nigerians.
However, gaps remain, particularly in rural areas. Through its Inclusion for All Initiative (I4ALL), EFInA is using data-driven insights to understand the needs of excluded populations and advocate for policies that expand digital finance. The organization is also working to integrate national identification systems with digital financial services, ensuring seamless access for all Nigerians.
Addressing Gender Disparities in Financial Inclusion
Women remain disproportionately excluded from financial services, with 30% of Nigerian women lacking access compared to 21% of men. EFInA’s Gender Centre of Excellence (GCE) is dedicated to addressing this disparity by tackling issues such as high service costs, lack of awareness, cultural norms, and limited accessibility.
One of EFInA’s initiatives includes a partnership with the Grameen Foundation in Kano, which engages men as champions for women’s financial inclusion. By addressing gender-specific challenges, EFInA aims to unlock economic opportunities for millions of Nigerian women and reduce the gender gap in financial access.
Driving Systemic Change with Strategic Tools
EFInA employs four key facilitation tools to create lasting change:
- Research: Generating reliable data to drive innovation and improve market systems.
- Advocacy: Engaging with stakeholders to foster an efficient financial system.
- Systems Strengthening: Providing technical advisory and capacity-building support.
- Partnerships & Innovation: Collaborating with financial institutions, regulators, and development partners to scale inclusive financial solutions.
By leveraging these tools, EFInA aims to build a more inclusive and sustainable financial ecosystem that benefits all Nigerians.
A Vision for the Future
Reflecting on EFInA’s journey since its inception in 2007, Akinjayeju noted that while significant progress has been made in expanding access to financial services, the focus must now shift from inclusion to empowerment. Financial inclusion should not just be about numbers but about the real-life impact on individuals and communities.
She emphasized that EFInA’s refreshed strategy is designed to ensure that financial services open doors for Nigerians—allowing them to build wealth, improve their livelihoods, and secure their financial futures. The organization’s five-year strategic plan focuses on creating a better regulatory environment, strengthening financial infrastructure, ensuring financial service providers meet the diverse needs of Nigerians, and amplifying the voices of excluded populations.
As EFInA embarks on this new chapter, Akinjayeju is committed to ensuring that financial inclusion becomes a tool for economic empowerment, paving the way for millions of Nigerians to achieve financial security and prosperity.
