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Driving Financial Inclusion for Inclusive Economic Growth

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Tolu Oyekan Inclusive Economic Recovery

By Tolu Oyekan

Financial inclusion is increasingly becoming an area of priority across the globe among policymakers, researchers and development-oriented agencies. Its importance comes from the promise it holds as a tool for economic development, particularly in the areas of poverty reduction, employment generation, wealth creation and improved welfare and general standards of living.

The Nigerian government launched the National Financial Inclusion Strategy in 2012 (NFIS 2012), to achieve 80% inclusion by 2020. The NFIS framework was leveraged by the Central Bank of Nigeria (CBN) to effectively regulate the Nigerian financial sector. This drive necessitated the introduction of the cashless policy, the proliferation of agency banking, the growth of microfinance banks and increased adoption of fintech solutions; especially digital payment products.

However, these positive outcomes could not help achieve the target of 80% inclusion by the end of 2020. Barriers that hampered this target were irregular income, illiteracy, lack of proximity to access points, lack of required documentation, inadequate awareness, high service fees, and a high affinity for cash.

The Impact of COVID-19

In addition to the bedevilling barriers, came the COVID-19 pandemic. In its wake were the falling prices of crude, the halt in economic activities and the loss of income by many Nigerian households. The unemployment rate rose to 27.1%, inflation increased and the purchasing power of the people dropped.

Interestingly, despite these negative impacts on the economy, there was growth within the entrepreneurial sector. According to the EFInA Access to Financial Services in Nigeria 2020 Survey, about 86 million Nigerian adults’ livelihoods were negatively impacted by the pandemic.

However, the survey showed that about 49.1 million Nigerians turned the situation around to start their businesses either in agriculture or service delivery. These new businesses employed about 33.2 million Nigerians, thereby creating about 70.3 million jobs.

The Revised NFIS

While the NFIS 2012 may not have delivered the 80% inclusion target, it has however provided grounds to evaluate progress and identify the barriers and insights in developing a refreshed document for the new target. Upon review of the NFIS 2012, the CBN and its stakeholders came up with the Revised NFIS document which targets a 95% financial inclusion threshold in Nigeria by 2024.

This is ambitious given that the financial inclusion index moved from 57.3% in 2010 to 60.3% in 2012 and 63.2% in 2020, a growth of about 5.9% in 10 years. Achieving a 31.8% increment in 4 years is indeed ambitious, but not impossible.

The Revised NFIS identified five priority areas as key to achieving the new target, namely; an enabling environment for the expansion of Digital Financial Services (DFS), rapid growth of agent networks for last-mile delivery, harmonization of KYC requirements, conducive environment to serve the excluded; and incentivizing the adoption of cashless payment channels.

The Revised NFIS also examines other salient issues such as increasing awareness and knowledge of financial products, channels as well as trust. There is also the need for frequent review of the implementation of the strategy so as to take lessons faster and adjust the strategy to fit prevailing realities.

After All, Said and Done

Though the pandemic might have spelt doom for a lot of businesses and economies, it has however thrown up a few positive indicators for the financial inclusion drive in Nigeria. As earlier mentioned, while people lost their jobs, there was an upsurge of micro-businesses which created employment opportunities, thus reducing the impact of unemployment in the country.

The pandemic also led to the increased adoption of DFS and financial agent services. According to the Nigeria Inter-Bank Settlement Service (NIBSS) report, the monthly use of digital channels rose from 45 million transactions valued at N5.4 trillion at the end of 2017 to over 287 million valued at N23trillion in June 2021. This represents a growth of over 530% in the last 5 years. Thus, the volume of digital transactions rose from 75% in 2019 to 135% in 2020. Another report by ACI shows that digital payment transactions grew to over 1 billion, representing a growth rate of over 45%.

There has been an increased uptake of banking products and services, the banking sector being the biggest driver of the financial inclusion agenda in Nigeria. Between 2018 and 2020, the banked population grew by 5%, savings accounts by 6% and banking agents by 16%. There has also been increased adoption of non-banking products and services such as financial services agents, pension, insurance and mobile money.

To ensure that the targeted 95% inclusion is achieved by 2024 amidst the drawbacks thrown up by the pandemic and other peculiarities of the Nigerian economy, the CBN and its stakeholders have their work cut out for them. The following are some of the areas they should focus on:

Increasing access to financial services

This should be viewed from two different lenses; the consumers’ and the service providers’. From the view of the consumer, it is important that the tiered-Know Your Customer (KYC) documents be harmonized to reduce the limitation to have a transactional account. A transaction account is the bedrock of financial services.

Increased awareness for DFS and other banking products will improve access to these products and services. Banking and DFS transactional fees should be reviewed to encourage massive uptake especially among rural dwellers and the poor.

From the service providers’ perspective, the bottlenecks associated with acquiring the Payment Service Bank (PSB) license should be reduced. The process should be democratized to allow private investors other than telcos, fintech companies and banks.

The CBN should facilitate the actualization of the Shared Agents Network Facility (SANEF) to enable the proposed 500,000 agents to provide financial services in the under-served areas, especially the Northern region.

Improved Economy

More importantly, improving the economic and financial status of Nigerian households and firms will enhance the possibilities of a financially included Nigeria. With a thriving economy, the households will save and embrace other financial products services as credit, insurance and pensions.

The prevailing security challenges across the country should be addressed as it hampers economic activities and consequently the financial inclusion figures.

Capturing the over 40 million MSMEs in the formal financial sector is critical to improving the economy. This group employs over 80% of the country’s population and contributes about 50% of the country’s GDP. When formally served, progress is easier to monitor and track.

With more women being financially excluded- 41% female and 33% male- it suffices to say that concerted efforts should be channelled towards ensuring that more women are empowered to carry out more economic activities and consequent financial transactions. Efforts should be made in advancing the National Financial Inclusion Special Intervention Working Group’s (a subcommittee that looks into gender-related financial inclusion issues) recommendations. Financial products such as low-interest loans, grants and employment opportunities should be extended to women.

Collaborations

The CBN needs to collaborate with critical enablers such as the Nigeria Communications Commission (NCC). Initiatives such as the Infrastructure Companies (InfraCos) project- an initiative expected to provide broadband fibre and connectivity to every Local Government Area of the federation with a minimum speed of 10 Gbps- should be implemented to ensure delivery of services by agent banks, even in rural areas.

The Nigerian postal service’s network also provides a wide reach that the CBN can leverage to achieve last-mile delivery.

Incidentally, legislative provisions for the financial inclusion strategy could be strengthened. Collaborating with policymakers to effectively implement and track the financial inclusion strategy, makes the 95% inclusion target less daunting.

A BCG report commissioned by Telenor, a multinational telecommunications company, stipulated that a 1% increase in financial inclusion increases the real Gross Domestic Product (GDP) per capita by 3.6 per cent. This, therefore, underscores the socio-economic impact of financial inclusion as a critical driver to foster economic development, reduce poverty and achieve inclusive economic growth.

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Building 234 Solutions: A Response to Everyday Workforce Challenges

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Owoloye Emmanuel 234 Solutions

By Owoloye Emmanuel

Every business starts with a problem. For us, that problem was hiding in plain sight.

Across organisations, we kept seeing HR professionals, payroll teams, and business leaders spend significant time navigating processes that should be simpler. Employee records sat across multiple systems, payroll processes required manual intervention, and routine workforce tasks often became more complicated than they needed to be.

As businesses grow, workforce operations naturally become more complex. Yet many organisations still rely on disconnected tools and workflows that create unnecessary friction for both employers and employees.

The consequence is more than operational inefficiency. HR teams spend valuable time managing systems instead of supporting people. Business leaders struggle to access timely workforce insights, while employees experience delays in processes that should be seamless.

These weren’t isolated challenges. They were recurring realities across workplaces, regardless of industry or size.

That observation led us to a simple question: what if workforce management could be easier?

What if HR, payroll, and workforce operations could work together within a single, connected experience?

That question became the foundation for 234 Solutions.

We are building 234 Solutions with a clear belief that workplace technology should reduce complexity, not add to it. Our goal is to help organisations spend less time navigating processes and more time focusing on productivity, growth, and people.

As we prepare for launch, our focus remains simple: building practical solutions for real workplace challenges and helping organisations create better experiences for the people who power them every day.

Owoloye Emmanuel is the founder of 234 Solutions

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The Role of TV in Preserving African Stories and Identity

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Preserving African Stories

Scroll through social media today, and you will notice something interesting: everyone is either reacting to a series, quoting a movie line, or debating a character as though they personally know them. Beneath the memes and binge-watch culture, however, lies something deeper. Television remains one of the most powerful tools shaping how Africans see themselves, remember their history, and tell their own stories. In a continent as diverse and expressive as Africa, that matters more than ever.

TV as a Cultural Archive, Not Just Entertainment

Long before streaming algorithms began shaping our viewing habits, television was already preserving African identity. From Nollywood dramas that capture the rhythm of everyday Lagos life to documentaries exploring Maasai traditions and Ghanaian folklore, TV has served as a living archive of the continent’s stories.

It preserves more than entertainment; it preserves language, culture, humour, values, and shared experiences. Unlike fleeting social media content, television allows stories to unfold with depth, exploring the realities of family, tradition, ambition, and modern African life without reducing them to stereotypes. That is the power of TV: preserving not just stories, but perspective.

Why Representation on TV Still Matters

There is a subtle but important truth: if people do not see themselves on screen, they may begin to believe their stories are not worth telling. This is why African TV content is more than entertainment; it is affirmation.

Seeing a character who speaks like you, struggles like you, or celebrates like your community does something powerful. It validates identity and challenges outdated narratives that have historically defined Africa through external lenses.

This is where MultiChoice Group, through platforms such as DStv and GOtv, plays an important role. They do not simply broadcast content; they help distribute cultural memory at scale.

GOtv, DStv, and the Everyday African Viewer

Think about a typical evening in many African homes: the TV is on in the background, someone is laughing at a comedy show, another person is watching a local series, and someone else is catching up on the news. That shared viewing experience remains very real.

Through platforms such as DStv and GOtv, African households are exposed to a blend of local storytelling and global content. More importantly, they have helped amplify African-produced content by bringing Nollywood films, African reality shows, talk shows, and documentaries into mainstream rotation.

It is not just about access. It is about visibility.

A young filmmaker in Lagos today is more likely to believe their story matters because they have seen similar stories broadcast widely. A child in Accra grows up hearing familiar accents and seeing environments that look like their own on screen, not as exceptions, but as the norm.

TV Is Also Shaping Modern African Identity

African identity is not static; it is evolving. Television reflects that evolution in real time.

Today, audiences see:

  • Young Africans balancing tradition and modern dating culture

  • Stories tackling mental health in African households

  • Fashion and music influences spreading through TV series

  • Political satire shaping public conversation

Conversations that were once confined to homes are now being explored on screen, giving audiences the language to discuss issues that were previously unspoken.

In many ways, television is doing what oral tradition has always done: passing stories, values, humour, warnings, and history from one generation to the next. The difference is that today’s griots are writers, directors, and broadcasters.

The Future: From Watching to Owning Our Narratives

The next stage of African storytelling is not just about being seen; it is about ownership.

As more African creators produce content and platforms continue to invest in regional storytelling, television becomes more than a mirror. It becomes a tool for shaping how Africa is represented to itself and to the world.

While streaming continues to grow, television, particularly accessible platforms such as GOtv, remains one of the most effective ways to reach everyday audiences across different income levels and regions. After all, storytelling only matters if people can access it.

African stories are not new. They have always existed in families, on streets, in markets, in history books, and through oral traditions. What television has done, and continues to do, is give those stories a stage wide enough for millions to experience them at once.

The next time you watch a local series or documentary on DStv or GOtv, remember that you are not just being entertained. You are participating in the preservation of African identity itself.

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The Future of AI in Nigerian SMEs: Overcoming Barriers to Implementation

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Kehinde Ogundare 2025

By Kehinde Ogundare

Ask a tech entrepreneur in San Francisco what AI means for their business, and they are likely to talk about competitive advantage, product differentiation, and scale. Ask a small business owner in Kano or Onitsha the same question, and the conversation shifts entirely.

For many Nigerian SMEs, the priority is keeping the lights on, managing costs, and finding sustainable ways to grow in a challenging economic environment. This difference in perspective explains why the global AI conversation, often shaped by assumptions about stable infrastructure, deep capital, and abundant technical talent, frequently fails to address the realities facing Nigerian SMEs.

This matters because Nigerian SMEs are not a peripheral concern. In 2024 alone, MSMEs contributed 46.32% to Nigeria’s GDP, accounting for 96.9% of businesses and 87.9% of employment. These businesses are the backbone of the Nigerian economy, and if AI is going to mean anything for Nigeria’s development, it has to work for them in the daily conditions they actually operate in.

However, research drawing on empirical data from 144 Nigerian SMEs found that inadequate infrastructure, low digital literacy, skills shortages, and regulatory gaps are collectively preventing them from meaningfully engaging with AI. Awareness of AI is high and growing. What is missing is a clear and honest conversation about what adoption actually requires in this specific context. The barriers are real, but none of them are insurmountable. The question is whether the tools, pricing models, and support structures being offered to Nigerian SMEs are designed with those barriers in mind, or whether they have been built for another market entirely.

Subscription models making AI affordable for small businesses

When most small business owners hear “AI,” they imagine expensive software, specialist consultants, and a hefty upfront bill.

That assumption is not entirely wrong, but it describes a particular way of buying technology, not AI itself. The shift that makes AI genuinely accessible at the SME level is the move away from large, one-time capital purchases towards tools that charge a predictable monthly subscription. Businesses can pay for what they use, scale back when necessary, and avoid the debt that a major technology investment can create.

The deeper opportunity here is consolidation. Many SMEs are already spending money across multiple disconnected tools—one for invoicing, another for customer records, another for stock tracking—none of which talk to each other. An integrated platform that handles several of these functions together, with AI built in, can actually cost less than the sum of those separate subscriptions while giving business owners a clearer picture of their operations.

With margins already under pressure, any technology a business adopts needs to visibly show an increase in productivity or bottom line. Subscription-based, integrated platforms, priced transparently and honestly, are the model that best fits this reality.

Infrastructure challenges demand a mobile-first approach

No conversation about technology in Nigeria is complete without confronting the infrastructure problem, and AI is no exception. Nigeria continues to face major infrastructure barriers, including limited broadband access, unreliable power supply, and high data costs, all of which constrain deeper AI adoption. These are structural features of the operating environment that any sensible technology strategy must account for today.

The electricity situation alone is significant. The World Bank estimates that the lack of stable electricity costs Nigeria’s economy approximately $26.2 billion annually, equivalent to about 2% of GDP, forcing many businesses to run on expensive diesel generators. That cost ripples outward.

In practical terms, AI tools built for Nigeria cannot assume a stable broadband connection or a computer that is always powered on. The tools that will actually get used are the ones that work on a smartphone, consume minimal data, and can function offline when connectivity drops, syncing back up when it returns. The mobile phone is already how many Nigerian SME owners run their businesses. AI that meets them there, rather than demanding infrastructure they do not have, is AI that has a genuine future in this market.

The direction is clear: build capability from within, using tools that make that possible. Recent AI performance research reveals that 64% of African workers are already actively using AI at work, signalling massive grassroots readiness and driving forward-thinking organisations across Nigeria, Kenya, and South Africa to aggressively prioritise internal upskilling frameworks to bridge the talent gap.

As the policy groundwork is being laid, the commercial ecosystem is beginning to respond. What remains is a clear-eyed acceptance that AI tools built for this market need to look different from those built for markets with different realities. Low cost, low bandwidth, and usability for non-technical people are not modest ambitions; they are the actual requirements. Build for those realities, and AI has a real future in Nigeria’s SME economy.

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