Racing to Geo-tag POS in Nigeria: Why Legitimate Agents’ Economic Activities Need Protection.
Nigeria’s Urban-Rural Dichotomy and the Financial System Infrastructure Challenge Immanuel Umukoro, Policy and DFS Manager, EFInA On August 25th, 2025, the Central Bank of Nigeria (CBN) released a circular on the Migration to ISO 20022 Standard for Payment Messaging and Mandatory Geo-Tagging of Payment Terminals. The geo-tagging objective was clear: all terminals should be tied to known locations so that suspicious movement could be detected more easily, and fraud investigations, dispute resolution, oversight, and […]
Nigeria’s Urban-Rural Dichotomy and the Financial System Infrastructure Challenge.
Nigeria’s Urban-Rural Dichotomy and the Financial System Infrastructure Challenge By Chioma Nwaiwu and Oluwatomi Eromosele Nigeria’s financial inclusion story reflects hard-won progress, but is overshadowed by a persistent divide. According to the A2F 2023 Survey, formal financial inclusion reached 64% in 2023, up from 56% in 2020 and approaching the National Financial Inclusion Strategy’s 65% formal inclusion target for 2024. Yet these national averages […]
Local Language Interfaces: A Critical Innovation Gap in Nigerian Fintech.
Local Language Interfaces: A Critical Innovation Gap in Nigerian Fintech By Oluchi Okafor Brand and Communications Manager, EFInA Nigeria’s fintech story is often told through the lenses of scale and speed. Agent networks reach every ward, and payments settle in seconds; signals of technical sophistication. Yet there is a fundamental design flaw in that almost all digital financial services in Nigeria operate exclusively in English, in a country of over […]
EFInA and Bank of Agriculture Partner to Strengthen Financial Inclusion in Nigeria’s Agricultural Sector
Abuja, Nigeria – March 25, 2026 – Enhancing Financial Inclusion and Advancement (EFInA) and the Bank of Agriculture (BOA) have signed a Memorandum of Understanding (MoU) to advance financial inclusion within Nigeria’s agricultural sector, with a focus on expanding access to relevant and affordable financial services for smallholder farmers and agribusinesses. Agriculture remains central to Nigeria’s economy, employing over […]
