Global financial inclusion has been undeniably commendable, with 79% of adults now having access to some form of financial account, and sub-Saharan Africa leading in mobile money adoption.
But then, billions still don’t trust the systems built for their benefit. As the World Bank’s Global Findex 2025 shows, usage continues to lag behind access. In Nigeria, the paradox is especially obvious, despite digital advances, old fears, cultural divides, and gender gaps keep many out of the system.
Techeconomy sat down with Akinlabi G. Adegoke, chief digital officer at Lotus Bank, to go beyond the numbers. With decades of experience in digital banking, from his pioneering work at ALAT to his current role at Lotus, Adegoke doesn’t just talk technology; he talks about human habits, values, and the trust deficit stalling progress.
In this wide-ranging conversation, he dissects the illusion of inclusion, exposes why savings habits remain informal, and challenges banks and regulators to rethink how they design products, build resilience, and reach the underserved, particularly women and the disconnected poor.
What follows isn’t just a reflection on digital banking, but a blueprint for building a financial system that people actually believe in and use.
TE: The World Bank’s Global Findex 2025 reveals commendable progress in digital financial inclusion globally. However, it also exposes deep-rooted challenges in trust, savings habits, and gender inclusion, especially in regions like Sub-Saharan Africa. From your perspective as a digital leader in Nigeria’s banking space, what stood out to you most in the report?
Akinlabi: What struck me is the paradox behind the progress. It’s impressive that nearly 80% of adults worldwide now have some form of account access. Yet beyond those headlines, the report highlights that simply having an account isn’t the same as really using or benefiting from it.
There’s still a trust and usage gap. Many people remain sceptical about formal finance, don’t save in their accounts, or limit activity due to fears and habits. The persistent gender divide also stood out. Women are still being left behind in many markets, which means we’re not fully tapping our potential.
For me, the big message is that the next real challenge isn’t expanding access, it’s building trust and inclusion. We have to ensure digital financial tools translate into genuine, everyday usage that improves people’s lives.
TE: Despite account ownership rising to 79 percent globally and 75% in low and middle-income countries, over 1.3 billion adults still lack financial accounts. In your view, why does adoption lag behind access in Nigeria, and how can banks like Lotus bridge the trust gap?
Akinlabi: In Nigeria, access is no longer the main barrier. Banks have expanded reach through agents, mobile apps, and digital accounts, but usage lags because trust hasn’t caught up. Many people still hold on to past experiences or hearsay.
They’re unsure if fees are hidden or if their money is truly safe. To bridge that gap, banks need to show up differently. At Lotus, we focus on transparency, zero hidden fees, and stability. We also build solutions that reflect people’s values. As an ethical bank, our approach appeals to people who want alternatives to traditional interest-based models.
Most importantly, we meet people where they are through education, community presence, and consistent service. If people experience banking that works and feels fair, trust begins to build, and with that, usage follows.
TE: The report shows that 40% of adults in Sub-Saharan Africa now have a mobile money account, up from 27% in 2021. Yet only about half of these users in the region secure their phones with passwords. What role should banks and regulators play in digital literacy and consumer protection as mobile finance grows?
Akinlabi: The growth is great, but it’s a red flag that many users still don’t secure their phones. That’s like leaving your wallet open on a park bench. Banks and regulators have to take a more hands-on role in digital literacy and security.
At Lotus, we design our mobile platforms to require authentication, PINs, biometrics, and two-factor prompts. We also run in-app prompts and SMS nudges to encourage safe habits. But we can’t do it alone. Regulators need to set minimum safety standards and run coordinated public education drives. We should normalize conversations around digital safety the same way we do around fraud alerts.
As mobile finance grows, security can’t be optional. It has to be built into every level of the ecosystem, from onboarding to the interface to the policy side.
TE: With formal saving increasing by 16% points globally to 40% between 2021 and 2024, how is Lotus Bank leveraging mobile platforms and ethical finance to nudge informal savers, especially in rural Nigeria, into the formal financial system?
Akinlabi: A lot of Nigerians still save in cash or with informal groups because it’s what they know. We bring formality to them in a way that feels familiar and safe. Through our USSD and mobile platforms, people can open an account in minutes, even on a basic phone. Then we layer in features like auto-save or savings pockets that feel like traditional thrift savings, but safer and more accessible.
What helps us stand out is our ethical banking model. We don’t pay or charge interest, which resonates with people whose beliefs or culture may keep them away from conventional banks. Instead, we focus on profit-sharing models or fixed charges.
That builds trust. So, in short, we use tech to remove friction and values to build confidence. Over time, that draws informal savers into formal banking without forcing them to change who they are.
TE: Sub-Saharan Africa has the largest gender gap in smartphone ownership and mobile money use. Over 300 million women globally still lack mobile phones. How can digital banks like Lotus design inclusive solutions that empower female users without reinforcing digital inequalities?
Akinlabi: It starts with acknowledging that access and usage are different for women. Many don’t own phones or have full control over them. So we build services that work on basic phones, through USSD and SMS. We also recruit and train female agents within communities. That way, women can bank through someone they trust, in a space that feels comfortable.
On the design side, we simplify interfaces and add voice support features to help people who are not fully literate. Most importantly, we take feedback directly from female users and cooperatives to understand what actually works for them. Inclusion has to be deliberate. It’s not just about putting a product out. It’s about designing the right product and ensuring women feel seen, safe, and supported when they use it.
TE: According to the Findex data, 31% of unbanked adults in low and middle-income economies, including half of those in Sub-Saharan Africa, also lack a mobile phone. How can the financial sector ensure inclusivity in such digitally disconnected demographics, especially where affordability remains the biggest barrier?
Akinlabi: When someone doesn’t even own a phone, we have to go back to basics. That’s where agent banking comes in. We work with local agents, people already well-known in the community, to serve as the access point for banking.
They can help open accounts, manage deposits, and initiate transfers. It’s face-to-face, but powered by tech behind the scenes. On top of that, we need partnerships that make phones more affordable. Subsidizing low-cost devices, bundling basic data access with banking, or working with telcos to roll out shared community phones are ways we can close the gap.
Digital banking doesn’t have to mean everyone has a smartphone. It can mean everyone has access to someone who does, until they can afford their own. That’s how we start.
TE: Only 56% of adults in low and middle-income countries are financially resilient enough to access emergency funds within 30 days. How is Lotus Bank thinking about financial health, not just access, especially in designing savings, insurance, and credit products that promote resilience?
Akinlabi: At Lotus, we see access as step one. Step two is helping customers build the habits and buffers that protect them during tough times. One example is our Save-As-You-Earn feature. Every time money comes into your account, a portion can go directly into a savings pocket. It’s automatic and low-effort, which makes it more likely to stick.
We’re also building micro-insurance offerings, low-cost coverage for health or emergencies, and ethical credit products with transparent repayment terms. Because we don’t charge interest, there’s no compounding debt. It gives people room to breathe.
We also use simple nudges, reminders to save, prompts to set financial goals, and educational messages that explain why small actions today matter tomorrow. Our goal is not just to grow balances, but to help people feel secure and prepared.
TE: Given your previous work at ALAT by Wema and now at Lotus Bank, what innovations or policies do you believe are urgently needed to transition Nigeria’s cash-heavy informal economy into a robust digital ecosystem that people actually trust and use regularly?
Akinlabi: It comes down to three things: trust, ease, and relevance. We need digital tools that work as smoothly as cash but come with more benefits. For example, standardizing QR payments and making wallets truly interoperable would go a long way. We also need to keep designs simple and intuitive. Not every user is tech-savvy, but everyone wants to transact fast and without hassle.
From a policy angle, the government should support infrastructure upgrades and enforce consumer protection. Nothing damages trust faster than a failed transaction or unresolved dispute. Agent networks should be expanded, not just in rural areas, but across markets and informal zones where cash dominates. Lastly, we need more collaboration.
Banks, fintechs, and telcos need to share infrastructure and data safely so we can offer connected services that fit into people’s real lives. If we make digital banking feel safer, faster, and more useful than cash, people will adopt it, not because we told them to, but because it simply works better for them.
