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.

Access to mobile phones, gender, community of residence and level of education are all factors that influence NIN possession. Women who are uneducated, have no access to a phone and live in hard-to-reach communities are less likely to appreciate the advantages of access to technology and information, and thereby the benefits of enrolling for NIN.

I4ALL | IITA research finding

Inclusion for all, the pro-poor advocacy platform, successfully hosted the first edition of the “Inclusion for all Dialogues” event on 26th July.

The event, which focused on “Digital ID for the Last Mile – Enabling Access to Digital ID for Rural Female Agricultural Workers,” brought together a selection of stakeholders to discuss and address the digital inclusion barriers faced by rural women in Nigeria’s agricultural value chain.

I4ALL aims to use data evidence to deepen understanding of the challenges faced by impoverished populations and collaborate with multiple stakeholders to advocate for their removal.

The ultimate objective is to drive increased ownership and usage of digital financial services, amongst the most excluded groups thus reducing financial exclusion nationwide.

The event featured an esteemed line-up of panelists who lent their expertise and insights to the event including, Professor Janice Olawoye – Lead Research Consultant from the International Institute of Tropical Agriculture (IITA), Dr. Osasuyi Dirisu – Executive Director, Policy Innovation Centre (PIC), Ms. Uche Chigbo – Director Operations, National Identity Management Commission (NIMC) and Dr. Paul Oluikpe – Head, Financial Inclusion Delivery Unit, Central Bank of Nigeria.

The insightful panel discussion shed light on   the supply and demand side barriers to digital ID ownership for rural female agricultural workers and how they can be overcome to facilitate their active economic inclusion and participation leveraging technology.

Also in attendance were notable personalities from various State Governments including Mrs. Omotayo Adeola the SA, Trade & Investments Ekiti State Government, representing His Excellency, Governor Biodun Oyebanji of Ekiti State, Mr. Osa Bazuaye, Head of Data Agency, Edo State Government, representing His Excellency, Governor Godwin Obaseki of Edo State and Dr. Zayyad Tsiga, Executive Secretary of the Kaduna State Residents Identity Management Agency (KADRIMA).

Chinasa Collins-Ogbuo, convener and head of Inclusion for all; described the event and its relevance stating – “Our aim is to cultivate a strategic platform of cross-cutting actors with a shared goal to uncover the links that exist between income level, identity ownership and financial inclusion in order to identify opportunities to accelerate the pace of digital financial inclusion”

To further contextualise the event, Engr. Aliyu Aziz, Director General of NIMC, delivered the keynote address, focusing on the progress made in National Identification Number (NIN) enrolment in Nigeria, the challenges faced, and the approaches in consideration to overcome them.

He underscored the importance of data evidence in shaping policies and highlighted key findings from the summary study report. 

Engr. Aziz reiterated the persistent enrolment gender gap, stating that “Of the over 101 million registered persons to date, only 44% are females in spite of the notion that there are more women than men. Flowing from the surveys and advise from Inclusion for all at Africa Practice, NIMC has taken some actionable steps that have profound implications on the ID project.”

Zaina Sore, Head of Capacity Development at IITA presented the findings from the targeted research study on “Access to Identity, Empowerment, Livelihood, and Financial Inclusion of Rural Female Agricultural Workers and Traders in Nigeria.” 

She emphasised the significance of digital identity in empowering these women and transforming their livelihoods. Stating that “Access to national identification as a means for greater financial inclusion is critical for women in remote rural areas. As many of them engage in different agricultural activities and trading particularly in the informal sector, it is important that we better understand their needs and challenges to tailor the services that will lead to greater inclusion and economic empowerment.

The study, commissioned to IITA by I4ALL, was carried out in the first quarter of the year in Kano, Oyo and Rivers States; revealing some new insights and validating pre-existing data insights from I4ALL’s analysis of the 2020 Enhancing Financial Innovation and Access (EFInA) A2F (Access to Finance) dataset.

For instance, Kano State recorded higher levels of NIN ownership (77%) among the respondent groups compared to Oyo (58.1%) and Rivers (46.6%) contradicting our hypothesis of lower enrolment rates in the North.

However, the research highlighted how socio-cultural norms can be used as a deliberate strategy to drive female enrolment in the North.

The barriers to NIN enrolment remained consistent, from the cost of transportation to distance from enrolment centres and tedious enrolment processes.

Commenting on the findings, Chinasa Collins-Ogbuo said: 

“Universal access to formal identification requires an intentional focus on the most vulnerable Nigerians – likely to be poor female farmers in rural communities. Thus far, NIMC has done a great job with the momentum achieved towards ID enrolment of Nigerians, and it must be maintained.  That said, reaching the last mile is the most challenging part; and specific and targeted approaches must be designed and implemented to reach them successfully and leave no one behind”.

The NIMC Identity Strategy clearly recognizes the need to ensure that excluded populations are included in the enrolment process, and this research reinforces that need, demonstrating the urgency for action.

The poorest excluded populations are most often the hardest to reach, and can be the most resistant to participation, but stand to gain the most from the range of government and financial services that inclusion enables.

To achieve NIMC’s ambitious enrolment targets, all relevant stakeholders across public, private and grassroots must work together to ensure that the enrolment system reaches those who need access to the services the most – the vulnerable and marginalised.

The Inclusion for all Dialogues event highlighted the importance of collective efforts in creating an inclusive and equitable society. Chinasa reinforced this, stating that,

“by empowering rural female agricultural workers with digital identification, we can unlock their potential, enhance economic productivity, and drive positive change for the entire nation. I4ALL remains committed to its mission of fostering financial inclusion for all Nigerians and will continue working tirelessly with partners, stakeholders, and policymakers to address these pressing challenges.”

Inclusion for All (I4ALL) and International Institute of Tropical Agriculture (IITA) are set to launch the “Inclusion for All Dialogues” through the formal presentation of the research report on ‘Access to Identity, Empowerment, Livelihood and Financial Inclusion of Female Agricultural Workers and Traders in Nigeria’.

Overview

Financial exclusion is a significant driver of inequality and poverty. According to the Access to Finance (A2F) survey conducted by Enhancing Financial Innovation and Access (EFInA) in 2020, only 49.5% of Nigerian adults had access to formal bank accounts, representing 52.5 million people, while a total of 59 million Nigerians remained unbanked.

Of these, 73% do not have the identity documents required to open a Tier 3 bank account. Research from I4ALL, based on the A2F data, indicates that the poorer you are, the less likely you are to have an ID and that the number of people that referenced ID as a key barrier to opening a bank account or accessing credit increased by 500% between 2018 and 2020.

While substantial progress has been made in NIN enrolment in Nigeria since then, with more than 100 million Nigerians enrolled as of May 2023, there are still 48 million Nigerians without NINs who are likely to be the poorest and hardest to reach.

These Nigerians are also likely to be the most in need of the range of government and financial services that NIN inclusion enables.

Nigeria’s financially excluded population is largely rural, female, and engage in smallholder farming or trading.

Of the 38 million completely financially excluded adults, 81% live in rural areas, and 56% are female. 36% are entirely dependent on other family members for income, while 31% are small traders and 27% smallholder farmers.

Access to financial services is a critical requirement for sustainable rural development.

Context

Inclusion for all (I4ALL) seeks to leverage data and evidence to deepen knowledge about the multiple barriers that keep poor Nigerians excluded from formal financial services while working with multiple stakeholders to advocate for their removal.

The goal is to reduce financial exclusion by driving increased ownership and usage of digital financial services. I4ALL Dialogues are multi-stakeholder engagements for knowledge sharing and exchange, leveraging insights curated by Inclusion for all in alignment with its advocacy campaigns.

Based I4ALL’s analysis of EFInA (Enhancing Financial Innovation and Access) data, the team is established that rural women engaged in trading or farming are most likely to be financially excluded.

On the back of this, I4ALL commissioned IITA to conduct a targeted survey on the impact of exclusion on rural female agricultural workers/farmers and traders; particularly in terms of their access to official identification and the resultant restriction on their participation in the formal financial system in Nigeria.

For context, 80% of Nigeria’s farmers are smallholders – defined as working on an area of land less than 10 hectares. 70% of them live in rural areas, and 70% are also women.

Smallholder farmers are key to Nigeria’s food security, responsible for around 90% of the agricultural produce grown in Nigeria, and 98% of food consumed in homes, barring wheat. They are also a critical contributor to the country’s economy, with agriculture accounting for around a quarter of GDP.

Despite this, 72% of small-scale farmers live below the poverty line of USD 1.9 per day. They face political, economic and financial constraints, which hinder their ability to enhance production as well as their own incomes.

Male out-migration from rural areas to other locations or urban centres in some instances is strong enough to suggest a ‘feminization of agriculture’ and major structural changes in smallholder agriculture are occurring, irrespective of culture.

I4All Dialogues

During the virtual event next week, policy makers, regulators, CSOs, Service providers will discuss the ‘Digital ID for the last mile – enabling access to digital ID for rural female agricultural workers.’ 

I4All Dialogues is an issues-based and evidence-backed multi-stakeholder convening platform to inform conversations and discuss solutions to the barriers that prevent digital financial inclusion in Nigeria.