EFInA’s Remarkable Achievement: Awarded for MSME Digital Financial Inclusion Programs and Policy Initiatives
67% of adult Nigerians rely on owned businesses or farming as their main source of income, which are likely to be small or micro and nano-sized enterprises, respectively.Read More
Lagos: September 27, 2024: Enhancing Financial Innovation & Access (EFInA), a member of the Financial Sector Deepening Network, was recently honoured by Nairametrics Financial Advocates and Economic Forum Media; for its significant contribution to the MSME landscape in Nigeria. Its relentless efforts in promoting financial inclusion for priority segments such as MSMEs, has been a beacon of hope and significantly transformed the MSME landscape. This recognition at the 2024 MSME Finance awards ceremony is a testament to its impactful work and inspires hope for a more inclusive financial future. EFInA’s unwavering commitment to fostering an inclusive financial market is evident in its proactive approach to addressing the critical challenges excluded segments, including MSMEs, face with access to formal financial services. From providing credible market information on various pressing themes about the Nigerian financial services sector, including how to better serve the MSME market specifically, to organising Ideathons and Hackathons that lead to the development of innovative ideas and solutions that address barriers affecting access to finance, EFInA has, over the years, built a reputation in championing the development of an all-inclusive financial system. Commenting on the well-deserved recognition for driving change in Nigeria’s MSME landscape, EFInA’s General Manager & Research Lead, Dr. Oluwatomi Eromosele, said, “Our research-led and evidence-based approach to addressing the most pressing financial exclusion issues across priority segments ensures that we can facilitate real impact towards achieving our vision. More importantly, as we look to the future and are guided by our Access to Financial Services in Nigeria (A2F) findings, one of our strategic priorities is to enable the creation of an environment that provides access to credit for all levels of businesses, from nano-sized enterprises in the informal sector to medium-sized companies that still face limited access to credit. The A2F 2023 Survey showed that most of Nigeria’s non-formal (Agricultural and non-agric) jobs are in nano- and micro-businesses. Most of these businesses lack access to working and growth capital and cannot achieve their full potential. Formalized access to finance will enable them to participate in the digital economy. Shedding light on the hackathon initiatives that the organisation once championed, the Programme Manager at EFInA, Norah Igwe, stated: “Between 2020 and 2023, EFInA facilitated several Ideathons and hackathons to champion the development of innovative solutions that addressed some of the pertinent challenges MSMEs face, especially around accessing finance from formal financial services providers. Some of the winning Minimum Viable Products have been launched in the market and are gaining traction and doing well. An example is the ESUSU product developed by ESUSU Africa. Leveraging a data-driven algorithm, this digital app allows MSMEs to build their creditworthiness through regular savings patterns, after which credit can be availed. The platform enables a seamless repayment method driven by a daily thrift savings scheme”. Chinasa Collins-Ogbuo, Advocacy & Communications Lead at EFInA, receiving the award on behalf of the organisation, said: “We are truly delighted to have received this award, as it serves as a testament to the great work by the team that led those hackathons for innovative change in the MSME market. Moreso, it is a reminder of the work ahead of us, to fulfill one of our strategic priorities to facilitate an enabling policy and financial market environment that will help the nano to medium scale enterprises thrive and unlock their potential”. EFInA continues to champion collaborative efforts with relevant actors to drive significant progress in financial inclusion through its research, advocacy, and systems-strengthening facilitation tools. Our commitment extends to deepening financial inclusion, supporting income generation, and overall economic well-being for the most excluded segments. To understand Nigeria’s financial inclusion landscape, you can access the A2F 2023 survey findings at https://www.a2f.ng/. Media enquiries Chinasa Collins-Ogbuo, EFInA, ccogbuo@efina.org.ng, +2349096854189 Benjamin Eremen, Africa Practice, beremen@africapractice.com, +2348053353715 About EFInA _______________________________________________________________________________________ Enhancing Financial Innovation & Access (EFInA) is a Financial Sector Deepening (FSD) organisation that promotes inclusive finance in Nigeria. The FSD Network is a family of nine Financial Sector Deepening, or FSD, programmes operating across Africa. EFInA was established with support from the UK’s Foreign Commonwealth & Development Office (FCDO) in 2007 and began receiving funding support from the Bill & Melinda Gates Foundation in 2009. Please visit https://efina.org.ng/ for more information.
Kaduna State Bureau of Statistics partners with EFInA to reveal key findings on financial inclusion in the state
Kaduna State records over 60% increase in the proportion of formal financially served adults within the last 5 yearsRead More
From L-R: Umar S. Maikudi (ES, Kaduna Social Investment Programme Agency), Hon. Mukhtar Ahmed (Hon. Commissioner, Planning and Budget Commission), Dr. Oluwatomi Eromosele (General Manager, EFInA), Hon. Murtala M. Dabo (Hon. Commissioner for Agriculture), and Ibrahim Tanko Moh’d (Economic Adviser to the Governor, Kaduna State) Kaduna, October 21, 2024: The Kaduna State Bureau of Statistics (KDBS), in partnership with Enhancing Financial Innovation & Access (EFInA) and other key stakeholders, hosted a dissemination event showcasing several reports from the Bureau between 2022 and 2023 and the impact of these findings on policy and government interventions in Kaduna State. The Statistician-General, Dr Baba Bukar, during the report presentation of the Access to Financial Services in Nigeria (A2F) Kaduna deep dive Survey report revealed that financial inclusion has grown from 45% to 64% between 2020 and 2023 driven by an increase in formal financial services. Despite this, there is a prevailing disparity in gender across rural and urban populations. The Deputy Governor, Madam Hadiza Balarabe, representing the Governor, Senator Uba Sani, in her speech, remarked that “financial inclusion is not just a policy objective; it is the cornerstone of a broader economic empowerment strategy, and the report highlights Kaduna’s progress in ensuring that financial services are accessible to all segments of the population, especially those in the rural areas, poor, vulnerable, and underserved—through innovative solutions that aim to bridge the financial inclusion gap, bringing banking services closer to every citizen and supporting the entrepreneur’s spirit of the people. During the panel session titled “Kaduna Data Insights: Empowering Growth through Financial Inclusion,” Hon. Mukhtar, the Commissioner of the Planning & Budget Commission, stated, “The findings from this report will be used to plan and allocate resources for the 2025 budget. This budget aims to support programs that can improve livelihoods and promote financial inclusion. Umar Sani, the Senior Special Assistant of KADSIPA, noted that social investment programs have benefited from financial inclusion initiatives. He highlighted that the identities provided by financial institutions and the reach provided by mobile banking and agency banking activities have enabled these programs to be accountable and maintain transparency. This has resulted in reliable data on the impact of the programs thus far, as well as identifying existing gaps. The State’s Commissioner of Agriculture, Hon. Murtala Mohammed Dabo, also highlighted several local policies that support access to finance for farmers within the state, such as a database of farmers within the states, farm profiles, and clustering of farmers to derisk them for financial institutions and private sector investors. Dr Oluwatomi Eromosele, the General Manager & Research Lead at EFInA, remarked that formal financial inclusion of the adult population in Kaduna state increased from 36% in 2018 to 57% in 2023. This is significant and commendable progress; however, several disparities still exist, with women, farmers, business owners, the rural population, and the poor more likely to be formally excluded. From a developmental point of view, when we look at financial health, which looks at how well people spend, save, plan, and manage risk in ways that enable them to be resilient and pursue opportunities, we see that just 9% of adults are financially healthy. Additionally, 85% of adults are food insecure, and three-quarters of adults have gone without medication due to a lack of resources. This picture is similar across all states. We call for subnational governments to partner with the private sector to share and leverage data for targeted policies and innovation that expand access and usage of useful, affordable, secure, and reliable financial services. Prioritising data security, digital infrastructure, and capacity-building will ensure these insights drive inclusive, impactful financial services for all citizens EFInA has supported the KDBS in leveraging the Kaduna Deep Dive Survey report to generate insights that can support government intervention and policy action within the state. EFInA remains committed to partnering with the Kaduna State Government and other stakeholders to develop innovative solutions that expand financial access, particularly for the most vulnerable populations, through digital platforms and mobile technology. Commenting on the significance of the event and what it symbolises, EFInA Advocacy Lead, Chinasa Collins-Ogbuo, said, “Kaduna has set an impressive and progressive pace, and we are keen to see other states leverage the A2F 2023 sub-national data to drive informed development actions. We invite you to contact us for partnership as we work together to drive impactful initiatives that advance financial inclusion for all Nigerians”. The A2F 2023 survey findings can be found at https://www.a2f.ng/. Media enquiries Chinasa Collins-Ogbuo, EFInA, ccogbuo@efina.org.ng, +2349096854189 Benjamin Eremen, Africa Practice, beremen@africapractice.com, +2348053353715 About EFInA _______________________________________________________________________________________ Enhancing Financial Innovation & Access (EFInA) is a Financial Sector Deepening (FSD) organisation that promotes inclusive finance in Nigeria. The FSD Network is a family of nine Financial Sector Deepening, or FSD, programmes operating across Africa. EFInA was established with support from the UK’s Foreign Commonwealth & Development Office (FCDO) in 2007 and began receiving funding support from the Bill & Melinda Gates Foundation in 2009. Please visit https://efina.org.ng/ for more information.
EFInA’s Women’s Economic Empowerment (WEE) Report reveals important linkages between financial inclusion and economic empowerment.
Only 22% of women in Nigeria are economically empowered, and they are more likely to be if they have access to and use financial services.
Abuja: September 4, 2024: The highlights of the EFInA Women’s Economic Empowerment report were launched today in Abuja at the third edition of the Gender and Inclusion Summit hosted annually by the Policy Innovation Centre (PIC) at the Nigerian Economic Summit Group (NESG). The report underscored the second plenary by EFInA and FSD Network; tagged – Unpacking Access to Essential Tools and Services for Women’s Economic Empowerment – Collaborating for Sustainable Outcomes. Read More
The EFInA WEE report utilises data from the 2023 Access to Financial Services in Nigeria (A2F 2023) Survey, Nigeria’s primary source of financial inclusion data, to better understand potential linkages between female financial inclusion and women’s economic empowerment in Nigeria. The results show that of Nigeria’s estimated female adult population of 56.3 million people, only 22%, or 12.5 women, can be classified[1] as being economically empowered. Education, digital, and financial literacy are the most significant drivers of empowerment, followed by household and group agency, regarding women’s autonomy to join and influence decision-making in social groups and the agency to do productive work and own assets. In assessing the pathway from financial inclusion to WEE, we find savings stand out with the greatest odds. Women who save, –formally or informally, are six times more likely to be economically empowered than those who do not. The use of formal credit also doubles the likelihood of economic empowerment, whereas informal credit has a negligible impact. Women who actively use their accounts are more likely to be economically empowered than those who do not. Using Digital Financial Services increases the chances of empowerment and, more so, other formal banking channels, highlighting the growing role of digital platforms in financial inclusion. Commenting on the report’s findings while speaking at the launch event, EFInA Gender Centre of Excellence Lead, Emezino Afiegbe said: “This report clearly identifies important linkages between financial inclusion and women’s economic empowerment in Nigeria, while also identifying the key factors influencing women’s formal financial inclusion. By establishing the importance of financial inclusion in economic empowerment, we can focus resources and investments on the enabling factors that will ultimately accelerate empowerment for all Nigerian women.” Also speaking on the panel, Dr Yetunde Fatogun, Social Development Consultant at the World Bank, said: “For women’s economic empowerment, it’s crucial to recognise that this is not a short-term endeavour. Sustainable progress requires the involvement of multiple sectors in implementation. To truly empower women, we must address critical issues, including the significant influence of culture and the pivotal role of institutions—traditional, religious, and family. This report is both timely and essential, as it sheds light on these multifaceted challenges and offers insights into how various sectors can collaborate to drive meaningful and lasting change for women in Nigeria”. Aisha Hadejia, Partner at Sahel Consulting Agriculture and Nutrition Limited, said: “Information accessibility remains a major hurdle, both in terms of design and delivery. Only 30% of women farmers have internet access, reflecting a significant digital divide. Additionally, mistrust in formal financial institutions is driving many women towards informal financial systems. Addressing these challenges requires data-driven solutions, such as those outlined in the A2F Women Economic Empowerment Report.” EFInA, through the Gender Center of Excellence, is championing collaborative efforts with partners to drive significant progress in WEE by mainstreaming financial inclusion into sub-national economic policies and increasing financial and digital literacy, particularly for rural women. Our commitment extends to deepening financial inclusion, supporting income generation, and promoting savings behaviour, all of which are essential for enhancing financial independence. Additionally, empowering women in decision-making and addressing vulnerabilities through social protection will further strengthen women’s roles in their households and communities. We invite you to contact us for partnership as we work together to drive impactful initiatives that advance financial inclusion and women’s economic empowerment. The A2F 2023 survey findings can be found at https://www.a2f.ng/, while the specific report on women’s economic empowerment can be found here for partnership on strategic WEE initiatives. Media enquiries Chinasa Collins-Ogbuo, EFInA, ccogbuo@efina.org.ng, +2349096854189 Benjamin Eremen, Africa Practice, beremen@africapractice.com, +2348053353715 About EFInA Enhancing Financial Innovation & Access (EFInA) is a Financial Sector Deepening (FSD) organisation that promotes inclusive finance in Nigeria. The FSD Network is a family of nine Financial Sector Deepening, or FSD, programmes operating across Africa. EFInA was established with support from the UK’s Foreign Commonwealth & Development Office (FCDO) in 2007 and began receiving funding support from the Bill & Melinda Gates Foundation in 2009. Please visit https://efina.org.ng/ for more information. The definition of empowerment is that a woman has access to the skills, resources, and institutions she needs to succeed and advance economically, as well as the power to make and act on economic decisions, including the control of personal and household resources.
