Feature/OPED
Driving Financial Inclusion for Inclusive Economic Growth

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.
Feature/OPED
Investing in Women: A Catalyst for Change in Africa

Empowering women is about more than justice, gender equality and human rights. It is the most effective way to improve standards of living for entire communities – especially in emerging economies.
As the world marks International Women’s Day (IWD) this month, it is an ideal time to reflect on the value of empowering women for all of society – not to mention the next generation of women.
A report by the International Labour Organisation determined that, “at a basic level, women’s employment, paid and unpaid, may be the single most important factor for keeping many households out of poverty.”
This is because – as other studies have found – women are more likely than men to invest a large proportion of their income to educate their children. Therefore, as women enter the workforce in greater numbers and earn higher salaries, more is spent on children’s education, including girls’ education. This can then lead to an ongoing cycle of better education for future generations of women.
Pan-African entertainment group MultiChoice Africa is well positioned to support this process of empowering women through training in the media and entertainment sector.
The organisation has long shown a deep commitment to promoting diversity, and its preferential procurement policies are intentionally aimed at empowering women. MultiChoice Africa invests in building a gender-balanced workforce through strategic recruitment and people development – and this has borne fruit.
Today, the group provides entertainment and consumer services to 20.9m subscribers across sub-Saharan Africa. It produced 6 502 hours of local content last year, with more than 30 local content channels across 10 markets. The group has customers across 49 markets in sub-Saharan Africa and adjacent islands through DStv and GOtv, and its linear OTT service DStv Stream.
This continent-wide penetration has been achieved with a workforce made up of 48% women employees – up from 47% in 2023 – and 43% female representation in senior management positions.
MultiChoice spent ZAR90 million on the training and development of women staff in 2024 through initiatives like its Advancing Women Mentorship Programme. This initiative offers select groups of women the chance to attend masterclasses with executives, as well as networking sessions, mentorships and expert classes to enhance their technological and management skills.
In addition, since 2012, the MultiChoice Innovation Fund has disbursed ZAR407 million in loans, grants, and business-development expenses, specifically targeting black women and youth-owned businesses in fintech, edutech, healthtech, HR tech and media. To date, 77 black-owned small businesses with at least 50% female, black ownership have benefited, creating more than 1 400 jobs.
The empowerment of women is a direct, purposeful MultiChoice business strategy, brought to life through significant empowerment programmes and budget allocations.
Progress through storytelling
However, as Africa’s most-loved storyteller, MultiChoice Africa sees its fundamental role as being to entertain, inform and empower the African communities that inspire and build the company in return.
In fulfilling this purpose, it works to also empower women through the hyperlocal content it produces for markets across the continent.
In line with the goals of International Women’s Day, MultiChoice aims to achieve full gender equality in its industry, and on the African continent. Indeed, the group is well on the way to achieving that in its workforce and in its content strategy.
The MultiChoice approach is to ensure women have a voice in the media and entertainment industry. It is working to help them acquire the skills to express themselves creatively, and to inspire audiences of millions of African girls and young women.
A powerful platform for achieving this is through the MultiChoice Talent Factory (MTF) academies in three African capitals – Lusaka, Nairobi and Lagos. These institutions provide fully paid annual courses in the fundamentals of TV and filmmaking – everything from screenwriting to directing to sound engineering, editing and producing.
Half of the students intake are females, and their time at MTF sees them equipped to produce films of their own. Many young women filmmakers have produced highly impactful work that has premiered on MultiChoice platforms and won accolades at awards shows across the continent.
Their work is itself an expression of the IWD theme to “Accelerate Action” towards gender equality.
MultiChoice Africa platforms have achieved encouraging gender-transformation successes. The right inputs are being implemented, and they are generating the right outputs.
While more remains to be done right across society before full gender parity has been achieved, the media has shown itself to be a critical platform for shaping perceptions and encouraging change.
At MultiChoice Africa, women have found their voice. They are shaping Africa’s future. And they are doing that through the power of African storytelling.
Feature/OPED
The Challenge Facing 95% of IT Leaders as Regards AI Agents; How to Overcome it

By Linda Saunders
Generative AI has transformed how people interact with technology through prompts, and the next frontier promises an even greater impact. As organisations refine their AI strategies, we are witnessing the next chapter of work and the emergence of digital labour with agentic AI.
Since the launch of Chat GPT many business leaders focused on what they thought was the right topic – the Large Language Models ( LLMs). But these models are quickly becoming a commodity, as each one races to build the best for a specific use case.
To truly unlock value from AI, you need to focus on everything around the model such as the orchestration, the low code / no code approach to building and refining, the metadata framework and a data engine that compliments the data strategy. It’s this platform advantage that is seeing agents across the globe stand up and deliver value with real data, leveraging real integration in a few short weeks.
To unlock the action and value of generative AI requires a deeply integrated and connected platform with a one code base, but this takes significant time and money to build unless you have already been empowering your human employees on the Salesforce platform. Our platform leverages everything you have built to empower your digital workforce. Its a win-win where even for those who are not quite ready for a digital workforce – will be unlocking their ability to pivot to an agentic workforce with every flow, cloud, integration and build – Ultimately future proofing their business.
Agentic technology is a multi-trillion-dollar industry opportunity. The agentic enterprise will operate with unprecedented independence capable of responding to queries and handling complex tasks autonomously. This autonomy will optimise workflows, drive innovation, and break down barriers related to the need for continuous human intervention.
By 2028, Gartner predicts that 33% of enterprise software applications will include agentic AI, up from less than 1% in 2024, allowing 15% of day-to-day work decisions to be made autonomously.
Yet, AI agents are only as good as the data they have. They need connected data—both structured and unstructured—to understand user queries and make informed decisions. That’s where integration and APIs come in, building a solid foundation for these agents.
While 93% of IT leaders are either implementing or planning to implement AI agents within the next two years, they face significant integration challenges that hold back the full potential of these agents.
According to the latest MuleSoft Connectivity Benchmark Report, which surveyed more than 1,000 IT leaders globally, 95% struggle with data integration across systems. On average, only 29% of applications are connected, which really affects the accuracy and usefulness of AI agents.
The report found that, on average, enterprise organisations are using 897 applications, and those with AI agents are using even more—1,103 applications. 90% of IT leaders say data silos are creating business challenges.
The more applications and AI models there are, the harder it gets to integrate everything. Data silos make it even tougher, limiting agents’ access to the data they need and leading to less accurate and useful outputs.
Disconnected data also places major strain on IT resources. IT leaders are looking for ways to boost efficiency and productivity, but they expect their teams’ workload to increase in the next year. Balancing current capabilities with integrating AI agents across hundreds of unique applications while maintaining those systems, is a real challenge.
To unlock the full potential of AI agents, businesses need to align their integration and AI strategies. APIs and integration solutions can simplify and unify data infrastructure, allowing AI agents to access critical data and interact with existing systems and automations. This can significantly improve IT infrastructure, enable data sharing across teams, and integrate disparate systems.
Organisations that have successfully integrated their data and systems using APIs are reaping the rewards: increased productivity (49%), faster response to business needs (49%), and higher revenue generation (45%). On average, half of an organisation’s internal software assets and components are available for reuse, which means companies can leverage their existing investments, instead of starting from scratch.
The reliance on IT teams highlights the need for a clear automation strategy, along with robust governance and monitoring to ensure everything runs smoothly and securely.
A well-rounded automation strategy is crucial for integrating AI effectively, but many teams are still working on theirs. One key part of this strategy is making AI accessible to non-technical users, which is essential for broader adoption and creating a solid foundation for employees to build on, and this is where agents are changing the game.
Every company, team, and employee will soon have an agent. But how useful is a team of agents if they can’t interact with other systems or agents to coordinate and take action across the entire business? AI must have a smooth handoff to a human, and if that transition isn’t well-coordinated and seamless, any benefits are quickly undone
As AI, integration, automation, and API use continue to drive transformation and performance, organisations that invest in these technologies to harness unlimited digital labour are best placed to stay agile, efficient, and ultimately succeed.
Linda Saunders is the country leader and senior director solutions engineering Africa at Salesforce
Feature/OPED
Beyond the Grip of Godfathers in Nigeria’s Politics

By Kayode Awojobi
Democracy, by its very definition, is a government of the people, by the people, and for the people. It is a system built on the principles of popular participation, accountability, and governance that reflects the collective will of the electorate.
However, in Nigeria, democracy often takes on a different meaning—one in which a few powerful individuals wield enormous influence over the political process. This phenomenon, commonly referred to as godfatherism, has become an entrenched feature of the country’s political landscape.
The role of political godfathers in Nigeria is complex and often divisive. While some view them as experienced mentors who provide guidance and structure within the political system, others see them as power brokers who prioritize personal gain over the collective good.
Godfathers serve as kingmakers, using their resources and influence to propel candidates into office. Yet, once these candidates assume power, they are often expected to remain loyal to their benefactors, a reality that frequently leads to governance dictated by the interests of a select few rather than the needs of the people.
The influence of godfatherism is not an abstract concept but a lived reality that has shaped political developments in several states across Nigeria.
In Osun State, for instance, the fallout between former Governor Gboyega Oyetola and his predecessor, Rauf Aregbesola, underscored the fragile nature of godfather-protégé relationships.
Initially handpicked as a successor, Oyetola later distanced himself from Aregbesola’s influence, leading to a fierce political battle that ultimately contributed to his loss at the polls.
Similarly, in Oyo State, Governor Seyi Makinde has had to navigate tensions within the Peoples Democratic Party (PDP), where certain political figures who played a role in his rise to power later accused him of abandoning party structures.
Perhaps one of the most well-documented cases of political godfatherism in recent years was the dramatic conflict in Edo State between Governor Godwin Obaseki and his former benefactor, Adams Oshiomhole.
Oshiomhole, who had championed Obaseki’s election in 2016, later fell out with him over governance and party control. This dispute culminated in Obaseki’s disqualification from seeking re-election under the All Progressives Congress (APC), forcing him to defect to the Peoples Democratic Party (PDP), where he secured a second term in office. The episode highlighted the extent to which political godfathers expect loyalty from those they help install, often leading to bitter confrontations when protégés seek independence.
In Rivers State, a similar dynamic is playing out between Governor Siminalayi Fubara and his predecessor, Nyesom Wike.
Wike, whose influence was instrumental in Fubara’s emergence as governor, has been accused of attempting to control the new administration from behind the scenes. The power struggle has resulted in political unrest, including an attempt to impeach Fubara and the defection of several lawmakers loyal to Wike.
The situation escalated to the point where President Bola Tinubu declared a state of emergency in Rivers State, suspending Governor Fubara, his deputy Ngozi Odu, and all elected members of the state House of Assembly for six months. Retired Vice Admiral Ibok-Ette Ibas was appointed as the state’s administrator to oversee governance.
This further reinforces the argument that political godfathers, rather than serving as stabilizing forces in governance, often become sources of crisis when their influence is challenged.
To be sure, political mentorship is not inherently a negative concept. In well-functioning democracies, experienced politicians often guide emerging leaders, offering advice and leveraging their networks to ensure effective governance.
However, the Nigerian brand of godfatherism is rarely about mentorship in the true sense of the word. Instead, it is largely about control, an arrangement where those who ascend to political office must remain subservient to their benefactors. This practice undermines democracy by limiting political choices, suppressing independent leadership, and reducing accountability to the electorate.
The continued dominance of godfathers in Nigerian politics raises a critical question: should a few individuals determine the fate of millions, or should the democratic process be allowed to run its course?
Proponents of godfatherism argue that it provides stability, ensures continuity, and helps navigate the complex terrain of Nigerian politics. They contend that without the financial and structural backing of political godfathers, many candidates, especially those without deep pockets, would struggle to compete in elections. In this sense, godfatherism is viewed as a necessary evil in a system where political survival often depends on strong backing.
On the other hand, critics argue that the culture of godfatherism erodes the foundations of democracy, replacing meritocracy with patronage. When candidates owe their political success to an individual rather than the electorate, they are more likely to prioritize the interests of their benefactor over those of the people.
This reality has played out time and again, with governors and other public officials making appointments and policy decisions that serve their godfathers rather than their constituents. The result is governance that is often disconnected from the real needs of the populace.
If Nigeria’s democracy is to mature, there must be a shift from the current model of political patronage to one that prioritizes competence, transparency, and true service to the people. The electorate must become more discerning, resisting the imposition of candidates whose loyalty lies elsewhere. Political parties, too, must work toward greater internal democracy, ensuring that primaries and candidate selections are based on merit rather than the dictates of a few powerful individuals.
The experiences of other nations provide valuable lessons. In South Africa, Nelson Mandela, despite his towering influence, stepped aside to allow new leaders to emerge, ensuring that democracy remained intact beyond his tenure. In the United States, political mentorship exists, but power is not concentrated in the hands of a select few who dictate governance from behind the scenes. These examples suggest that it is possible to balance political influence with democratic principles.
Nigerian political godfathers must rethink their roles. Rather than seeing themselves as puppet masters, they should position themselves as genuine mentors, guiding younger politicians without stifling their independence. They should invest in institutions rather than individuals, ensuring that governance structures remain strong regardless of who is in power.
Ultimately, the power to end the stranglehold of godfatherism lies with the people. The electorate must recognize that their votes are their most potent tool for shaping the future of governance. If voters reject candidates imposed by godfathers and insist on accountability, the culture of political subservience will gradually diminish. Democracy thrives when the will of the people is supreme, not when a handful of individuals determine the political direction of an entire nation.
As Nigeria looks toward future elections, the conversation around godfatherism must shift. It is time to move beyond the era of political overlords dictating governance from the shadows.
The country must embrace a system where leadership is earned, not handed down; where politicians serve the people, not a select few; and where democracy is truly of the people, by the people, and for the people.
Kayode Awojobi is a multiple award-winning broadcast journalist, social and political commentator. He writes from Ago-Iwoye, Ogun State
-
Feature/OPED5 years ago
Davos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years ago
Estranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years ago
Sort Codes of GTBank Branches in Nigeria
-
Economy2 years ago
Subsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years ago
First Bank Announces Planned Downtime
-
Sports2 years ago
Highest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years ago
How To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN