The Federal Government (FG) has restated its dedication to broadening financial inclusion across the country, primarily by leveraging digital identity systems and implementing pro-growth regulatory policies.
The commitment was highlighted by the Minister of State for Finance, Doris Uzoka-Anite, during her address at the Semafor’s Next 3 Billion Tour event held in Abuja.
The convening, organized by Semafor in partnership with the Bill and Melinda Gates Foundation, brought together various stakeholders to discuss translating global research on connectivity and inclusion into tangible local actions.
Speaking on a panel, Uzoka-Anite underscored the strides made under President Bola Tinubu’s Renewed Hope Agenda.
She pointed to the progress of establishing trusted digital identity systems, the growth of agent banking, and the expansion of mobile money platforms as key drivers of inclusion.
The minister stressed that trust is the cornerstone of inclusion.
She explained that robust identity verification systems like the National Identity Number (NIN) and Bank Verification Number (BVN) are essential for safely bringing more Nigerians into the formal financial sector.
According to Uzoka-Anite, mobile-first solutions and extensive nationwide agent networks are effectively dismantling barriers to access.
This allows citizens to transact, save, and receive payments within their communities without requiring significant physical bank infrastructure.
She cited platforms like Moniepoint, OPAY, and PalmPay, alongside bank-led wallets and agency services, for accelerating daily financial use cases—from payments to remittances for both households and small businesses.
She also mentioned that the government is designing consumer credit reforms aimed at enabling Nigerians to build assets and improve their long-term financial stability, not just spend.
“When people can save securely within the financial system instead of keeping cash at home that is vulnerable to theft, fire, or flooding, they protect their income capital and strengthen long-term stability,” she stated.
The minister affirmed that the government’s focus is practical and people-centered: expand connectivity, improve affordability, raise digital literacy, and maintain smart regulation to allow responsible innovation to flourish.
Uzoka-Anite commended the Central Bank of Nigeria (CBN) and other ecosystem partners for enhancing settlement infrastructure and supporting the expansion of the agent banking system nationwide.
While acknowledging remaining obstacles related to power, connectivity, and digital skills, she pledged the ministry’s commitment to continuous collaboration with regulators, states, and the private sector to bridge these gaps.
The minister expressed gratitude to Semafor and the Gates Foundation for facilitating a solutions-focused discussion.
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She affirmed that the government’s focus on digital identity, fintech innovation, and pro-growth regulation positions Nigeria to accelerate financial inclusion, thereby fostering economic growth and development for all its citizens.
The Next 3 Billion Tour, which follows a New York summit held during the 2025 UN General Assembly, is utilizing insights from the Global Findex 2025 report and the Global Digital Connectivity Tracker to guide inclusive growth strategies in key markets globally.
