FG fast-tracks financial inclusion for 15m households

In a decisive move to tackle poverty and deepen financial inclusion, the Federal Government has launched the implementation phase of a sweeping economic empowerment strategy, with a focus on disbursing conditional cash transfers to 15 million vulnerable households.

At the heart of this push is the newly established inter-agency task force, mandated to break through bureaucratic delays and ensure President Bola Ahmed Tinubu’s directive for expanded social protection reaches the most affected Nigerians swiftly and effectively.

In a statement by Stanley Nkwocha, Senior Special Assistant to the President on Media & Communications (Office of the Vice President), the announcement was made during the inaugural meeting of the Technical Committee of the Presidential Committee on Economic and Financial Inclusion (PreCEFI), held at the State House and chaired by Senator Ibrahim Hassan Hadejia, Deputy Chief of Staff to the President.

“We are off to a very good start. What has led to the success of what we’ve done so far is alignment and inclusive stakeholder engagement,” Hadejia said. “Financial inclusion is not just about having a bank account—it’s about access to quality services, credit, and the visibility digital platforms offer.”

The meeting brought together a powerful coalition of stakeholders — from government agencies and regulators to academia and international partners — signaling a whole-of-government approach to bridging Nigeria’s financial divide.

The new task force includes the Central Bank of Nigeria (CBN), the National Identity Management Commission (NIMC), National Cash Transfer Office (NCTO), the Nigeria Inter-Bank Settlement System (NIBSS), and the National Social Safety Nets Coordinating Office (NASSCO). Their unified goal: remove systemic bottlenecks hindering the rollout of the cash transfer program and enhance digital access for the most underserved Nigerians.

Dr. Nurudeen Abubakar Zauro, Technical Advisor to the President on Financial Inclusion and Secretary of the Committee, noted that PreCEFI had finalized its strategic roadmap and governance framework during the meeting.

“An inter-agency committee has been established to address delays in the disbursement of conditional cash transfers to 15 million households as mandated by President Tinubu,” he said.

Digital Identity as an Enabler

At the core of this effort is the National Identification Number (NIN), which NIMC’s Director-General, Engr. Abisoye Coker-Odusote, described as a “bridge across the financial divide.” According to her, the NIN doesn’t just support access to banking but also unlocks health, education, and agricultural services, while strengthening the national data infrastructure.

The Central Bank’s Director of Consumer Protection and Financial Inclusion, Dr. Aisha A. Isa-Olatinwo, emphasized that “Financial inclusion is one of the eight reform pillars of the President’s agenda,” urging partners to focus on measurable, people-driven outcomes that serve citizens “at the base of the pyramid.”

Data-Driven, Locally-Owned Solutions

A major resolution from the meeting involved plans to collaborate with state governments to localize findings from the EFInA Access to Financial Services survey — a move intended to anchor national policies in local realities. The findings will soon be presented to the National Economic Council and the Nigerian Governors’ Forum.

Professor Olayinka David-West, Dean of Lagos Business School, called the meeting “solution-oriented,” noting that participants took a frank look at the challenges stalling inclusive growth and committed to solving them with collective wisdom.

Participants included representatives from NITDA, the NCC, FCCPC, BOI, NGF, ABU Zaria, Gates Foundation, Google, IQS Africa, and the Egbaraden Traditional Council — showcasing a truly cross-sectoral approach.

As the Tinubu administration doubles down on its Renewed Hope Agenda, this coordinated financial inclusion push stands out as one of its most ambitious socio-economic interventions — one that aims to not only uplift millions but fundamentally reshape how financial empowerment is delivered in Nigeria.