That is the gap Dash Microfinance Bank appears determined to close with its newly launched Dash Mobile Banking App.

Rather than chasing complexity, Dash is focused on what millions of Nigerians actually need: open an account quickly, move money without stress, pay bills easily, and save consistently.

After reviewing the app through the lens of user experience, transactional functionality, and financial inclusion, here is how Dash Mobile Banking App performs:

First Impressions: Clean, Direct, No Noise

The first thing noticeable about Dash is its simplicity.

Many banking apps overwhelm users with banners, endless menus, and too many product offers. Dash takes a different route. The design is neat, straightforward, and easy to understand from the first screen.

Navigation is clear, icons are familiar, and the interface feels intentionally built for a wide user base, from salaried workers and students to traders and first-time digital banking users.

That simplicity is more strategic than cosmetic. In Nigeria, where digital literacy levels vary widely, usability is a competitive advantage.

Verdict:  Strong first impression. User-friendly and inclusive.

Onboarding: Does the 3-Minute Account Promise Hold?

Dash claims users can open an account in under three minutes using only their BVN.

That is an ambitious statement in a market where KYC processes often drag on unnecessarily.

In testing, the process was refreshingly efficient:

• Enter BVN
• Verify identity
• Create login credentials
• Access account instantly

No paperwork. No branch visit. No excessive documentation at entry level.

While actual completion time may vary depending on network quality and BVN verification speed, the promise is largely credible.

Verdict: Fast and practical onboarding. Among the smoother account-opening flows in the market.

Transfers & Payments: Where Trust is Won

For Nigerian users, the real test of any banking app is not aesthetics, it is whether money moves successfully. Dash promotes instant transfers with a strong reliability claim.

What we Observed:

• Transfers processed quickly
• Confirmation prompts were clear
• Transaction flow felt stable
• No confusing delays during basic use

In a market where failed transactions can ruin trust instantly, smooth execution matters.

No app can realistically guarantee perfection across every bank and switching network in Nigeria, but Dash appears to prioritize transactional stability.

Verdict: Reliable day-to-day transfer experience with encouraging speed.

Airtime, Data & Bills: Everyday Utility Done Well

Most Nigerians use banking apps for routine convenience more than complex financial products. We found Dash Mobile Banking App supports airtime recharge, data purchase, utility bill payments, payments for self and third parties.

What stands out is the minimal friction. There are fewer steps than many competing apps, and the process is easy enough for users who are not highly tech-savvy.

Even more importantly, users are sensitive to hidden deductions and unexplained fees. Dash’s transparent approach is a welcome plus.

Verdict: Strong everyday usefulness. Practical, not over-engineered.

Savings Features: More Than a Transaction App

One of Dash’s smarter moves is including goal-based savings functionality. Users can create multiple savings plans for specific purposes such as rent, school fees, emergency funds, business capital, and personal targets.

These features are game-changers at a time many Nigerian download different apps to serve different purposes. Therefore, this sort of a super-app solves the hassle.

This shifts the app from being just a payment tool to a financial discipline platform.

For many Nigerians who struggle with structured saving, simple in-app tools can be more effective than generic advice.

Verdict: Thoughtful feature with real lifestyle value.

Afrigo Card Integration: Local Relevance Matters

Dash’s support for the Afrigo debit card is strategically significant.

Why this matters is that is supports Nigeria’s domestic payments ecosystem, reduces overdependence on foreign card rails, enables ATM and POS transactions locally, and aligns with national digital finance priorities.

For users, it may seem like a simple card option. For the market, it signals localisation and long-term relevance.

Verdict: Smart move with policy and ecosystem value.

Financial Inclusion Score: One of Dash’s Strongest Angles

Dash mobile banking app appears built with underserved users in mind. In Nigeria, about 26% of adults remain financially excluded, based on EFIna recent report.

Key challenges include a 9% gender gap, regional disparity; 47% exclusion in the North West vs 5% in South West, and rural infrastructure deficits.

Dash seems to focused on fixing this. From our review, this app will appeal to traders, informal workers, young users, first-time app bankers, and users moving from USSD to smartphone banking.

Why? The language is simple. The flows are short. Core tasks are accessible. That matters in a country where millions still remain underbanked or under-served by mainstream banking interfaces.

Verdict: Excellent inclusion potential.

Dash ticked the boxes in the following ways:

 Fast account setup
 Easy-to-use interface
 Smooth transfers and payments
 Useful savings tools
 Transparent experience
 Local payment relevance via Afrigo
 Built for mainstream Nigerian realities

Areas to Watch

No serious review is complete without noting growth areas. Long-term reliability at scale is important because performance during growth phases will be the real test.

Users may eventually expect microloans, spending insights, business tools, budgeting analytics and card controls. The app’s strengths will grow faster if users are shown how to maximize savings and digital tools.

Final Verdict: 8.3/10

Dash Mobile Banking does not try to be everything at once, and that may be its biggest strength. Instead of chasing flashy complexity, it focuses on what every day Nigerians care about most; open account fast, send money easily, pay bills quickly, save consistently, and avoid unnecessary stress.

It may not yet have all the features of a Super App, but for many users, Dash may already be the better everyday experience.

If you want a banking app that feels practical, lightweight, and built around Nigerian realities rather than corporate buzzwords, Dash Mobile Banking App is worth serious consideration.

The app is available for download on Google Play Store here and Apple iOS here.

The reforms: the Nigeria Tax Act, Nigeria Tax Administration Act, Nigeria Revenue Service Act, and Joint Revenue Board Act, took effect on January 1, 2026.

For Enhancing Financial Inclusion & Advancement (EFInA), a financial sector market catalyst driving financial inclusion across Nigeria, the tax reform could make or mar vulnerable Nigerians.

In its newsletter released today, 9th January, 2026 EFInA suggests that for millions of Nigerians, from teachers and artisans to market women and informal traders, the reforms promise relief: Individuals earning ₦800,000 or less annually are exempt from personal income tax; small companies with turnover under ₦100 million pay no company tax; essential goods like basic foods, medicines, education materials, and electricity now carry zero VAT; and a newly established Tax Ombudsman office provides channels to challenge unfair treatment.

But, EFInA’s 2023 Access to Financial Services survey, however, highlights potential pitfalls. Many rural and informal operators lack formal accounting systems, bank statements, or digital tools.

Women-owned businesses, already underrepresented in formal financial systems, could face hurdles if compliance requires documentation they don’t have.

Without targeted awareness, digital access, and compliance support, these reforms risk unintentionally widening the gender and regional gaps they aim to close.

“Tax reform can either protect vulnerable Nigerians or add new burdens,” EFInA notes. “Consumer protection means ensuring these policies benefit those they are intended to serve, not create new obstacles.”

As Nigeria moves forward, the question remains: EFInA is asking, will the new tax system be a lifeline for low-income households, or another barrier in the journey to financial inclusion?

[Culled from EFInA Newsletter]

At the CeBIH Annual Conference 2025, themed “Reimagining Financial Inclusion through Cultural Shifts in Consumer Credit,” Chika Nwosu, PalmPay’s managing director, urged industry players to deepen financial inclusion by embracing community-aligned solutions and customer-centric innovations that can better serve Nigeria’s underserved and unbanked populations.

Speaking during a panel session titled “Social Inclusion, A Veritable Tool for Financial Inclusion,” Chika Nwosu joined other industry leaders to share insights on strengthening participation among women, rural dwellers, low-income earners, and other financially excluded groups.

Chika Nwosu highlighted PalmPay’s commitment to inclusive finance through its 500,000-strong agent network, which enables seamless cash-in/cash-out services for unbanked users across Nigeria. He also emphasised the importance of PalmPay’s USSD platform, 861#, which allows users with basic phones or limited internet access to perform essential financial transactions.

“Financial inclusion goes beyond access; it must be equitable and tailored to real-life needs,” Chika Nwosu said.

He shared how PalmPay leverages behavioural insights to design impactful services, including affordable health insurance, reliable bill payments, merchant solutions, and automated savings features that support financial discipline among users.

The session further examined the role of grassroots agents and community touchpoints in driving last-mile adoption.

Chika Nwosu noted that PalmPay’s widespread community presence continues to build trust and encourage excluded populations to embrace digital financial tools.

The session was moderated by Ronke Kuye of the CeBIH Advisory Council and featured representatives from E-Doc Online, SmartCash Payment Service Bank, SANEF, and EFINA.

PalmPay reaffirmed its commitment to driving accessible, secure, and inclusive financial services for all Nigerians.

PalmPay is a leading digital banking platform driving financial inclusion and economic empowerment in underserved emerging markets. Through its secure, user-friendly, and inclusive suite of financial services, PalmPay empowers individuals and businesses with tools to manage and grow their money.

PalmPay offers a comprehensive range of products, including mobile payments, savings, and micro-insurance via its app and mobile money agent network.

Since launching in Nigeria in 2019 under a Mobile Money Operator license, the platform has grown to over 35 million app users.

PalmPay has operations in Nigeria, Ghana, Tanzania, and Bangladesh.

But when the cash scarcity hit my sister, my mother too couldn’t get cash, even from her petty trade.

 A few weeks into the crisis, she called to say that she had opened an Opay account and could now receive funds from us and her customers via transfer to her new account, and she could pay her suppliers via the same app.

I have used this story to illustrate various aspects of customer-market fitness, the distinction between financial literacy and education, and the role of tech as an accelerator rather than a business model.

But after reading Harvard Professor Clayton Christensen’s management classic, “The Innovator’s Dilemma”, late last year, Opay and my mother’s encounter became more than a story; it became another framework in my toolkit of appraising changes in the market.

 Through this lens, I intend to use Christensen’s disruptive principles to interrogate why and how incumbent insurance companies might be disrupted by new technologies from startups, existing insurers, or from adjacent sectors like telecos, banking, fintech, etc.

Of NIIRA and an industry ripe for disruption

The Nigerian Insurance Industry Reform Act (NIIRA) has been hailed by industry stakeholders and watchers. The National Insurance Commission (NAICOM) describes it as a catalyst for growth, while the Nigeria Insurers Association (NIA) welcomed it as a bold step in modernising the industry’s operations. But behind these accolades is a revving disruptive engine – the Official Guidelines for Insurtech Operators in Nigeria.

 It is no news that Nigeria’s insurance penetration lags South Africa’s 11.54%, Namibia’s 7.41%, Morocco’s 4.10%, Kenya’s 2.25%, and the global average of 6.8%.

For me, this abysmal penetration rate is partly a product of Nigeria’s economic structure, where 90% of the workforce is employed in the informal sector.

Yet, insurance products remain complex, expensive, and exclude more than 100 million adults, according to EFInA report. The report also furthered that an estimated 96.4% of surveyed Nigerian businesses have no insurance, yet micro-enterprises make up more than 70% of Nigeria’s GDP.

Put simply, millions of Nigerians and businesses are just one accident or disaster away from financial  ruin, and have no hope of a comeback except for families, friends, faith, and vibes. This probably explains why the InsureTech guidelines lean strongly towards retail and personal lines insurance.

Learning from the banking sector, blind spots incumbent Insurers must watch

Christensen’s theory of disruptive innovation explains that industry leaders are most vulnerable when disruptors target non-consumers (people who are not using existing products because they are too expensive, inconvenient, or complicated).

He explains that the disruptors enter with a simple, low-margin product that meets the basic needs of these overlooked customers. Over time, the product improves, and the disruptor moves upmarket.

Before and during the cash crisis, many Nigerians, like my mother, were ignored by the traditional banks because they chose to focus on mainstream customers.

So rather than competing head-to-head with legacy banks, Opay went after the Nigerians like my mother, whom incumbent banks aren’t serving effectively. Opay built a “good enough” digital infrastructure and agent network to enter from the bottom.

As with Nigeria’s banking sector, incumbent companies do not miss disruptive waves because they are badly managed businesses; they miss them because of several factors that are beyond their control. Drawing from Christensen’s research, here are reasons legacy insurers will be disrupted:

1. Companies depend on customers and investors for resources: While many have praised the new industry’s capital requirements, pressure to meet up is likely to tilt legacy insurers towards impressing investors with large policies, not the black box of micro covers.

On the other hand, disruptors don’t have existing customers; they are farming for them so they can attract investors.

 2. So, all markets don’t solve the growth needs of large companies: The size of the untapped informal sector and micro businesses, is seductively tempting but for growth targets to maintain share price and create opportunities for their employees, insurers need policies with high sums assured, which are largely domiciled with corporates and high-net-worth individuals. Incumbent insurers are therefore likely to innovate around compulsory policies rather than micro insurance.

3. Markets that don’t exist can’t be analysed: Current insurers’ RPVs (Resource Processes and Values) are designed to be based on sound market research because the size and growth rate are generally known.

In contrast, there is a lack of known data to forecast on in Nigeria’s non-consumption insurance market. On the other hand, because disruptors don’t carry the pressures industry leaders carry, they can define and structure the market as they move on.

4. An organisation’s capabilities define its disabilities: While there have been some interactions with digital distribution, Nigeria’s legacy insurers are primarily dependent on traditional distribution channels (brokers, agents, and corporate clients) and complex underwriting processes.

These structures make serving low-margin customers costly and unattractive. Disruptors have the advantage of designing new value networks for this market without upsetting the economics of brokers and agents. 

Like Opay, Insurance disruptors will also move upmarket

With over 50 million users, 1 million merchants, and transaction volumes surpassing $12 billion, Opay (like other prominent disruptor-fintechs) is now challenging traditional banks in the mainstream segment. They are now providing conventional banking services.

This is classic disruptive innovation: start with a “good enough” product for people ignored by incumbents, then improve and expand to compete with incumbents. Whether these disruptors will displace incumbent banks will be the ultimate test of the disruptive theory in Nigeria.

Faced with this type of reality, it may be tempting for legacy insurers to pander to Jim Collins’ “Genius of the ‘And’” philosophy, that is, growing their mainstream markets and exploring new ones at the same time. Only that research didn’t back up that approach.

According to Christensen, while it is easier for incumbents to acquire resources to explore new markets, it is more challenging to align established processes and values of large organisations to explore unknown, small markets.

He therefore suggested matching the size of the organisations to the size of the markets – an approach that most traditional Nigerian banks had to learn the hard way, but consequently midwifed spin-off fintech arms, Payment Service Banks (PSBs) and Agency Banking.

We can’t stop the disruption, but we can ensure it impacts real people in the real economy.

Because of Opay, millions of people like my mother are financially included today. Insurance disruption can also have the same effect.

The NIA has demonstrated readiness to welcome the possibilities with the recent launch of the Innovation Lab. So, the article is not about stopping disruption from happening.

It is about situating NIIRA, identifying potential pitfalls for incumbents and disruptors, and ensuring that, through their works, insurance contribution to Nigeria’s GDP grows and their effects are evident in the lives of every Nigerian.

Adedipe added that over $2 billion were invested in fintech and startups by over 50 angel investors and venture capitalists in 2024.

Delivering the keynote paper at the 2nd Business Journal Fintech & Financial Inclusion Roundtable 2025 in Lagos, Adedipe described financial inclusion as a critical driver of economic growth and poverty alleviation.

“This makes financial inclusion critical to developing economies, especially those like Nigeria that have been experiencing jobless growth in the last 20 years thereabout and also deep in multi-dimensional poverty. The real challenge resides at the bottom of the pyramid where there is not only poor access to finance but also lack of the basic elements that define good quality of life.”

In its 2023 survey, EFInA reported 64% financial inclusion in Nigeria, driven by marginal growth in the banked population and major gains in non-bank formal adoption.

He listed the opportunities of both fintech and financial inclusion in Nigeria to include youthful and tech savvy population, increasing demand for financial services, unbanked and under-served population, significant informal economy estimated at 54% to 58% of Nigeria’s Gross Domestic Product (GDP) and necessity-based entrepreneurship, which is a rampant phenomenon in fragile economies where informal economic activities and low income are pervasive.

Adedipe said the challenges facing the Nigerian economy in terms of fintech and financial inclusion include the ability and capacity of the Central Bank of Nigeria (CBN) in promoting and regulating the two concepts effectively.

He listed past and current CBN interventions as the National Financial Inclusion Strategy, National FinTech Strategy, Strategy for Leveraging Agent Networks to Drive Women’s Financial Inclusion and Payment System Vision 2025.

Other key pitfalls to avoid are measuring, identifying and filling gaps, consumer protection and awareness, cost and affordability, technology and infrastructure.

The economist added that both regulators and operators also face significant risks – market, structural, strategic, cybersecurity and operational, as well cultural barriers and gender bias, and credit assessment and KYC.

“If Nigeria (or any developing country for that matter) will maximally benefit from financial inclusion and the deep role that fintech plays in that process, there must be a balance of interests. That balance will be effective only if all stakeholders collaborate (no one seeking to take advantage of the other) and maintain tight focus on the over-arching purpose of inclusive growth and shared prosperity.”

He said for Nigeria to have an inclusive financial system, policies, regulations, products, services, technology and infrastructure must be inclusive by design.

Other factors include integrated system, safe and efficient digital payment/finance ecosystem, economically sustainable and commercially viable market infrastructure, robust data information system and effective regulation.

According to Remita “as Nigeria continues to embrace digital transformation and foster innovation in the financial sector, the role of fintech in empowering SMEs will only grow in significance. With a young and dynamic entrepreneurial ecosystem, the demand for fintech solutions tailored for SMEs is expected to soar, driving further innovation and competition in the market.”

Earlier this year, on June 17, 2025, the Nigerian Consumer Credit Corporation (CrediCorp) unveiled a policy that links every citizen’s National Identification Number (NIN) to their credit profile.

The idea is simple but powerful: create a centralized system that boosts transparency and allows lenders to make more informed decisions. On paper, it looks like a major win for financial inclusion.

But beneath the surface, there’s a deeper story, one that touches the lives of millions of Nigerians struggling at the margins.

According to a new report by Enhancing Financial Innovation and Access (EFInA), the “NIN-for-Credit” policy could unintentionally lock out the very people it hopes to empower, especially those in rural areas, low-income groups, and the vast informal sector.

The report, titled “NIN and Credit Reporting: Implications for the Poor and Vulnerable Segments in Nigeria,” sheds light on the stark identity gap in the country.

While 76% of wealthier Nigerians have a NIN, only 47% of the poorest adults have been able to obtain one. That’s not just a statistic; it’s a reality that could determine whether someone gets a loan to grow their small business or is left behind, yet again.

Let’s not forget: more than 40 million informal enterprises and 65% of all jobs exist in the informal sector, from traders and artisans to farmers and market women.

Many rely on traditional savings methods like esusu, adashe, cooperatives, and informal lending circles. These networks help keep their businesses afloat, feed their families, and pay school fees.

But under this new system, their financial behaviours may be invisible, simply because they don’t show up in formal databases.

EFInA’s report acknowledges the promise in the policy. If done right, linking NINs to credit could unlock opportunities for millions who’ve never had access to formal financial systems. It could offer them fairer credit scoring, more transparency, and better access to support systems.

But here’s the catch: if the system doesn’t recognize the realities of the informal economy, or support those without NINs, it could widen the financial divide, not bridge it.

The report calls for urgent action to Boost NIN enrollment in poor and underserved communities; avoid penalizing those with no credit history or NIN; Integrate informal credit behaviour into scoring systems, and investing in education and digital literacy so people understand their rights and how to navigate the new system

Because at the heart of it all, financial inclusion isn’t just about numbers or databases, it’s about people. People like Mama Kemi, who runs a thriving akara stand but can’t access a loan because her years of savings through a local cooperative don’t “count.” Or Yusuf the tailor, who keeps meticulous records in his jotter but doesn’t have a NIN.

If Nigeria truly wants to build an inclusive financial future, EFInA’s message is clear: we must leave no one behind. Not the poor. Not the unbanked. Not the unseen.

This is the viewpoint of stakeholders that gathered for the second edition of Payment Forum Nigeria (PAFON 2.0) held recently in Lagos.

Delivering a keynote address on the theme, “Bridging the Customer Experience Gap for Financial Inclusion Using AI”, Ebehijie Momoh (Mrs.), the managing director and chief executive officer of AfriGoPay Financial Services Limited, said that with 64% of Nigerian adults being financial included the country has made immense progress in that regards.

She said that between 2012 till date, the country has recorded robust regulatory reforms, especially the launch of the Bank Verification Number (BVN) in 2014 making it easier to identify and track customers across different banks.

“This initiative enhanced the credibility of the financial sector and increased confidence in formal banking systems.

The growth in adoption of smartphones has also helped the financial sector to leapfrog financial inclusion. Nigeria has 142.16 mobile internet subscriptions with an average consumption of ~7.04GB / month as of January 2025. If you juxtapose it to the 15.9% decline in shipments of feature phones to 18.8 million units in Africa as at Q1 2024, you will understand that the uptake in smartphones has helped us a great deal.

Mrs. Momoh who spoke through Mr. Munachi Duru, the head of Innovation and Strategic Partnership at AfriGoPay, said the adoption of artificial intelligence banking gave birth to solutions like smile identity, a leading KYC verification provider launches facial recognition capabilities in Nigeria as neobanks and commercial banks are deploying AI-based KYC verification tools, enabling cheaper and efficient customer acquisition and servicing.

In her goodwill message, Mrs. Uche Uzoebo, MD/CEO, Shared Agent Network Expansion Facilities Limited (SANEF) Limited said that with progress made in accelerating financial inclusion to unbanked and underbanked communities in Nigeria, SANEF has leveraged Artificial Intelligence (AI) as the next step to advancement in financial services in the country.

She noted that as technology evolves rapidly within the financial ecosystem, Financial Inclusion must continue to be at the center of the nation’s progress.

According to her, agent banking has been a game-changer in expanding financial inclusion across Nigeria.

“By deploying agents in underserved areas, we have brought financial services and banking products such as account opening, cash in, cash out, bill payment, transfers and other services closer to the unbanked and underserved,” she said.

Speaking during a panel session, Mr. Ibirogba Oluwagunwa, chairman, Lagos State Chapter of the Association of Mobile Money & Bank Agents in Nigeria (AMMBAN), spoke of lack of collaboration and slow institutional drive towards AI as key barriers hindering digital inclusion.

He harped on the need for information sharing among fintech operators, and improved free flow of information to consumers. “The human barrier angle needs to be addressed. Fintechs need to be pushed to move forward, AI cannot operate itself.”

In his contribution at PAFON 2.0, Mr. Chika Nwosu, managing director of PalmPay, reiterated the need to reach the consumers with simple format communication and education style.

He said operators should create awareness and design consumer​-centric approach in developing any products. This will not only draw the consumers towards the product, but also generate trust and ease the use of such products.

Focusing on the use of AI to ensure reach, inclusion and security, Azure Application and AI Specialist at Microsoft UK, Olusoji Solomon Adeyemo, spoke on the need for AI and Blockchain in the bid to extend services to rural communities and the unbanked.

According to him, “AI, Blockchain and CBDs are shaping the future of payment, and there is a serious need for education. We need to align with global trends in new tech adoption.”

While noting that AI can ensure reach, Adeyomo said blockchain will also create digital identity that is exclusive and will promote digital financial inclusion.

In her position, Oluwabunmi Ogunyemi, the customer support lead at Moniepoint MFB, proffered physical and digital meet with customers, even in rural areas, as a viable means of inclusivity.

Also speaking, Olusegun Afolabi, co-founder of Face Technologies UK Ltd., called for improved collaborations among stakeholders in the financial sector.

According to him, the fintech companies must also embrace effective identification solutions, focusing on biometrics and card technologies to ensure topnotch security for users.

Earlier in his opening remarks, Mr. Peter Oluka, co-Convener of the Forum, noted that the financial inclusion journey in the country has come to a crucial juncture where over 30 million adults are still financially excluded, many of whom reside in rural areas or belong to vulnerable demographics.

He noted that despite 12% growth in access to formal financial services between 2020 and 2023, as recorded by the EFInA Access to Financial Services Survey 2023, challenges still exist that hinders the unlocking of the potentials of digital payments to drive inclusive growth in Nigeria.

He further posited: “As digital infrastructure grows and fintech innovation accelerates, we must channel these advancements toward building a more inclusive, secure, and trusted financial ecosystem.

This is not just about transactions — it’s about empowerment, opportunity, and economic participation for all.

Nodding in agreement, Mr. Chike Onwuegbuchi, co-Convener, PAFON, reiterated the need for all stakeholders in the financial payment industry, including regulators, to participate in forums as PAFON, to map out, growth strategies with consumers and other strata of the ecosystem.

He promised to invite security stakeholders, such as the EFCC and others in subsequent editions of the event. This will help give insight into security concerns in deployment of products and services in rural and unbanked communities.

Payments Forum Nigeria (PAFON) is a platform dedicated to shaping the future of digital payments and financial services in our country.

Under the theme “Beyond Financial Inclusion: A New Chapter Unfolds for EFInA,” the event brought together key stakeholders from across the financial, government, development, and private sectors.

Opening with an inspiring and contextual welcome remark by Dr. Tokunbo Agnes Martins, the EFInA Board Chair – and continuing with engaging multimedia presentations, goodwill messages, and thought-provoking remarks from global and government leaders, EFInA’s mission to drive economic empowerment and sustainable growth for all Nigerians was reinforced.

Speaking at the event, Foyinsola Akinjayeju, EFInA’s new CEO, stated:

“EFInA is evolving to ensure that financial advancement goes beyond inclusion—our work is about creating real, measurable impact in the lives of the excluded and underserved, ensuring that financial services become a foundation for resilience, opportunity, and progress for every individual.”

EFInA’s new brand identity reveal was a symbolic moment of transformation; with the refreshed visual identity and integrated brand architecture reflecting EFInA’s position as a dynamic leader, combining research, advocacy, systems-strengthening, and innovation to deliver impactful financial solutions for real people by leveraging its targeted platforms – Access to Financial Services (A2F) Surveys, Gender Centre of Excellence (GCE) and Inclusion for All (I4ALL).

The immersive event also featured a fireside chat with HH. Khalifa Muhammad Sanusi II CON anchored by EFInA Board Director – Mrs. Saude Amina Atoyebi. The illuminating conversation with the Emir reinforced the need for innovative partnerships to drive inclusive economic growth.

Also present at the event were other EFInA board directors – Professor Janice Olawoye, Mr. Kola Aina, including Mr. Olu Akanmu who brought the event to a formal close with a charge for more collaboration. Jason Lamb, Deputy Director of Inclusive Financial Systems, Country Engagements at the Gates Foundation, shared insights on the critical role of financial inclusion in Nigeria’s economic development and perspectives on the catalytic role EFInA must continue to play.

Deputy Governor, Financial Systems Stability at the Central Bank of Nigeria, Mr. Philip Ikeazor, represented by Mr. Musa Itopa-Jimoh – Director, Payment Systems Management, highlighted financial inclusion’s vital role in national development:

“Beyond data and funding, EFInA has facilitated market development and championed the conversations that have shaped financial inclusion policies. As we witness EFInA’s rebranding, we see a renewed commitment—not just to expanding access, but to ensuring that access translates into meaningful financial empowerment.”

Sen. Kashim Shettima, vice president, Federal Republic of Nigeria represented by Dr. Nurudeen Zauro, Technical Adviser to the President of Financial Inclusion and Economic Empowerment, reinforced the nation’s alignment with EFInA’s mission:

“As we celebrate EFInA’s incredible work, we also recognise that it continues to evolve and adapt to Nigeria’s financial inclusion goals. This strategic realignment perfectly aligns with the current economic and financial reforms under this administration.”

EFInA’s five-year strategy emphasizes deeper partnerships, innovative solutions, and measurable outcomes, focusing on reaching underserved and excluded communities, especially women and rural populations.

As EFInA looks to the future, it remains steadfast in its mission to empower Nigerians by enabling access to transformative financial tools and solutions.

“Our refreshed brand identity and strategy are a call to action—to governments, private sector leaders, development partners, and communities—to work with EFInA in unlocking the future for all Nigerians. Together, we can build a resilient, inclusive, and thriving economy,” said Akinjayeju.

EFInA invites stakeholders to collaborate in driving financial inclusion and economic empowerment across Nigeria.

Established in 2007, EFInA (Enhancing Financial Inclusion & Advancement) leads Nigeria’s financial sector development through its commitment to national financial inclusion.

The organisation drives systemic change through research, advocacy, innovation, and systems strengthening towards expanding access to financial services that enhance the economic well-being of all Nigerians, with particular focus on underserved and unbanked populations.

Nigeria’s mobile money sector experienced significant growth, in 2024, marked by substantial increases in transaction volumes, user adoption, and strategic investments.

For instance, between January and July 2024, licensed mobile money operators, including PalmPay, processed transactions totaling ₦41.5 trillion.

This represents a 74% increase compared to the ₦23.9 trillion recorded during the same period in 2023.

Given that the total transaction value for the entire year of 2023 was ₦46.6 trillion, the 2024 figures indicate a trajectory toward surpassing previous records.

Flip to 2025, PalmPay is forecasting that with smartphone penetration projected to reach 65% by 2026 as well as improved internet infrastructure, more Nigerians will be enabled to access mobile money services.

Speaking during a media parley at their Lagos office, Chika Nwosu, the managing director, PalmPay, reiterated that smartphone penetration, internet connectivity and innovative technologies as key factors that are crucial to increased access to mobile money services in Nigeria.

According to him, with smartphone penetration projected to reach 65% by 2026 as well as improved internet infrastructure, more Nigerians will be enabled to access mobile money services.

He disclosed that, with fintech companies such as PalmPay evolving through digital wallets and seamless payment gateways, accessibility to mobile money service was bound to expand soon.

He emphasized that with demand for affordability of financial services growing, more opportunities would be unlocked for PalmPay in the nearest future.

“From under 10,000 agents in 2015 to over 1.5 million agents in 2023, agent networks have become the backbone of mobile money operations in Nigeria. For this reason, we are more likely to see a sharp increase in the number of mobile money agents and merchants. Apart from that, MMOs will increasingly use artificial intelligence to improve customer experiences, such as machine learning, predictive analytics, and fraud detection,” he said.

Donald Ubeh, head, Risk and Compliance, MLRO at PalmPay, in a presentation on impact of Fintech, stated that with more collaboration with regulators and other financial institutions, it was only a matter of time that Nigeria’s name will be expunged from the list.

While highlighting the impact of fintech companies such as PalmPay, Ubeh explained that the berth of PalmPay has led to economic empowerment particularly for individual users and several Small and Medium Scale enterprises.

He noted that many Nigerians including bank customers have migrated their funds to PalmPay owing to convenience and accessibility it provides.

He added that mobile money operators were conceived with the aim of driving financial inclusion for the underserved and unbanked population.

According to EFInA, increasing adoption of fintech companies by Nigerians has led to increase in financial inclusion rate by 13% in 13 years.

In his presentation, Femi Hanson, head, Marketing and Communications, PalmPay, disclosed the company’s seven (7) Mobile Money Forecasts for 2025:

1. Financial Inclusion

Fintech companies integrated innovative technologies, such as digital wallets and seamless payment gateways, USSD to expand service accessibility.

2. Collaboration with Regulators, Financial Institutions

More Fintech collaboration with regulators is crucial to fostering a stable financial ecosystem and address compliance concerns to ensure that Nigeria’s removal from the FATF grey list.

Interestingly, just last Friday, the Nigerian government, through the efforts of the National Information Technology Development Agency (NITDA), and the Nigerian Financial Intelligence Unit, (NFIU) have kick-started an initiative that would ensure the exclusion of the country from the FATF Grey List by May 2025.

This initiative was a directive of President Bola Tinubu to the request of the NFIU to develop and implement an Anti-Money Laundering/Counter Financial Terrorism/Counter Proliferation of Firearms Data Management Framework and Platform in collaboration with NITDA. [READ MORE here]

3. Increased Smartphone Adoption

PalmPay has said that increased adoption of smartphones and Internet connectivity will enable more Nigerians to have access to mobile money services, particularly the unbanked and underserved.

Smartphone penetration is projected to reach 65% by 2026, will enable more Nigerians to access mobile money services. – PalmPay

4. Increased Demand for Affordability

The demand for affordable offerings and savings will increase and this is where the fintech will plug in.

5. Extensive Agency Network

From under 10,000 agents in 2015 to over 1.5 million agents in 2023, agent networks have become the backbone of mobile money operations in Nigeria. “We expect to witness growth in this aspect”, Mr. Hanson said.

6. Expansion of AI, Blockchain, and Big Data.

MMOs will increasingly use artificial intelligence to improve customer experiences, such as through machine learning, predictive analytics, and fraud detection.

7. Diversification of Digital Services

“We will see more operations in insurance tech, health tech, savings & wealth all on the fintech platform”, he added.

PalmPay Story:

PalmPay is an emerging markets-focused, multinational fintech founded in 2019.

By leveraging cutting-edge technology, the Fintech makes world-class financial services available to the mass market in regions that need it the most.

PalmPay operates Nigeria’s biggest financial app by monthly active users of 16 million and are rapidly expanding into new markets.

Today, PalmPay serves over 35 million customers and 1.2 million business users with digital accounts, real-time payments and savings and credit solutions.

This is according to the Access to Financial Services (A2F) Survey conducted by Enhancing Financial Innovation and Access (EFInA). 

This resulted from initiatives to provide financial services to millions of Nigerians, nonetheless, some challenges limited certain regions and demographics.

The survey revealed commendable progress in banking penetration, mobile money usage, and credit accessibility. 

Notably, Kogi State leads with 94% of its residents having access to formal financial services, followed by Lagos (91%) and Ekiti (77%). 

In contrast, states such as Borno (13%), Yobe (22%), and Sokoto (22%) show wide differences, pointing to some impediments in underserved areas.

EFInA’s report reveals that 64% of adults now use formal financial services, an increase from 57% in 2020. Mobile money adoption surged from 2% in 2020 to 12% in 2023, accompanied by a 30% rise in financial agent usage. These digital improvements help in extending services to hard-to-reach populations.

However, while 79% of men are financially included, only 70% of women enjoy similar access. Rural exclusion is also an issue, standing at 37%, compared to 17% in urban areas. These gaps stress the need for targeted initiatives to ensure equitable progress.

Key Drivers of Financial Inclusion Growth

Several initiatives have bolstered Nigeria’s financial inclusion:

1. Digital Financial Services: The rapid expansion of mobile money platforms and financial agents has helped in reaching underserved areas.
2. Targeted Programmes: Schemes like the Anchor Borrowers’ Programme and COVID-19 relief loans encouraged account openings and enhanced banking penetration.
3. Education and Connectivity: High literacy rates in states like Kogi and mobile phone ownership (99%) have contributed significantly to financial access.

Challenges

Not overlooking the challenges, financial exclusion is still high in conflict-affected regions such as Borno (68%) and Zamfara (57%). Added to this, informal financial systems are prevalent in states like Ebonyi (37%) and Benue (24%), where formal services are less accessible.

The survey also revealed disturbing financial vulnerabilities:

• 76% of adults cannot raise ₦75,000 for emergencies within a week.
• 74% experience food insecurity, and 66% struggle with medical expenses.

Opportunities for Growth in Financial Inclusion

To increase financial inclusion, EFInA recommends:

• Expanding digital and mobile money services to remote areas.
• Enhancing financial literacy campaigns, particularly targeting women and rural dwellers.
• Developing affordable, tailored financial products for underserved groups.

Closing the Gap

The progress in states like Kogi and Lagos shows that achieving across-the-board financial inclusion is possible with strategic efforts. However, replicating this success in less-developed areas will require addressing infrastructure deficits, promoting financial literacy, and fostering public-private partnerships.

EFInA’s report calls on policymakers, financial institutions, and development stakeholders to collaborate in bridging the gaps. With collaboration, Nigeria can achieve its goal of universal financial access, ensuring economic empowerment for all citizens.