IFIC’22: Nigeria convenes global stakeholders to accelerate financial inclusion

By Motolani Oseni

The National Financial Inclusion Steering Committee headed by the Central Bank of Nigeria (CBN) will host Nigeria’s maiden International Financial Inclusion Conference (IFIC’22) on the 24th and 25th of November 2022 in Abuja, Nigeria.

The international financial inclusion conference which was themed; “Financial Inclusion for all: Scaling Innovative Digital Models”, is the first to be held since the country launched its National Financial Inclusion Strategy (NFIS) in 2012.

The NFIS set the target for financial inclusion in Nigeria at 80.0 per cent by 2020. Since its launch, advancements have been recorded in financial inclusion, resulting in the exclusion rate dropping from 46.3per cent in 2010 to 35.9per cent in 2020 (despite significant annual growth in the eligible bankable population per annum) according to the Access to Financial Services Survey conducted by EFINA. The national target for inclusion has since been revised to 95% by 2024.

This progress has been possible due to the significant evolution of the Nigerian payments and financial system driven by rapid technological innovation, the emergence of a vibrant digital economy and the proactive regulatory policies of the CBN and other policymakers.

Speaking about IFIC’22, Chair of the National Financial Inclusion Steering Committee and Governor of the Central Bank of Nigeria (CBN), Godwin I. Emefiele said, “We are excited to host the maiden International Financial Inclusion Conference in Nigeria.

The conference presents a unique opportunity to showcase our financial inclusion journey, particularly the innovative use cases that continue to emerge within the dynamic payments and financial system in the country. These will be important as we work to ensure 95 per cent of Nigerians are financially included by 2024.

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“The conference also creates a platform to spotlight other country experiences, the role of policy innovation, digital technology and out-of-the-box approaches in tackling exclusion in underserved segments, and the strategic importance of public-private partnerships to promote digital financial services and economic sustainability.”

The International Financial Inclusion Conference 2022 therefore, brings together delegates, experts and speakers across the world to examine the opportunities, and identifying concrete solutions and interventions that would ensure the achievement of the nation’s financial inclusion objectives.