About “The EFInA Podcasts” (TEP)

The EFInA Podcasts is the first podcast channel that uses data evidence and human stories to inform, educate, and enlighten the public on everything related to financial and economic inclusion in Nigeria. Through focused dialogues with relevant stakeholders, the podcast sheds light on pertinent issues hampering financial and economic inclusion in Nigeria while exploring solutions to them. We aim to facilitate a collective effort to dismantle the barriers that keep Nigerians financially and economically excluded.

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Digital Innovation in Financial Services and Last-mile Service Consumption

Quick Fact: 26% of Nigerians remain financially excluded, many of whom are women, youth, and people in rural communities, who form the largest segment of last-mile consumers.

Why it is important: Digital innovation in digital financial services (DFS) has significantly reduced financial exclusion and can bridge gaps in access to essential services. However, adoption among last-mile consumers remains hindered by low digital literacy, limited technology access, and security concerns.

In this episode, we discuss with Mr. Olu Akanmu, EFInA Board Director and Academic Director, Tech-Leap Initiative, Lagos Business School, the benefits and pitfalls of digital innovation in driving financial inclusion for the last mile, especially as digital innovation is leapfrogs at a pace faster than social development.

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Financial Inclusion and Economic Empowerment: Priorities for Nigeria

Quick Fact: Between 2020 and 2023, financial inclusion in Nigeria moved from 68% to 74%. However, many are still excluded from formal financial services, an estimated 40.3 million Nigerian adults.
Why it is important: To achieve last-mile financial inclusion, it is crucial to understand the causes of continued exclusion, and to fashion responsive policies and regulations, interventions, and financial services, that meet the excluded where they are.
On this episode, we discuss with Dr. Nurudeen Zauro, sector professional and policy expert currently serving as the Technical Adviser to President Bola Ahmed Tinubu, on Financial and Economic Inclusion, to discuss the Federal Government’s policy direction and programmatic strategy for achieving last mile financial inclusion for socio-economic development in Nigeria.

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Financial Innovation & Access: The Consumer’s Threat

Quick Fact:  In 2023, 45% of Nigerians used digital financial services (DFS) to meet their financial needs, up from 34% in 2020.

Why it is important: As Digital Financial Services (DFS) users increase, new risks emerge for inexperienced consumers. These issues reduce the trust quotient in the market and pose a significant threat to financial inclusion, which is built on trust.

On this episode, we discuss with Oluwatomi Eromosele (PHD), a development economist expert who currently serves as EFInA’s general manager and Research lead, to discuss the increasing threat of risk exposure to consumers due to the growing adoption of digital financial services.