The capacity of financial services regulators and policy makers to develop an enabling environment for innovation and financial inclusion is an essential part of the development of the financial sector.

EFInA works closely with regulators and policy makers in Nigeria to foster an environment that supports the growth and development of innovative inclusive financial services for the unbanked and under-banked.

EFInA believes that:
  • Financial inclusion should be a major objective of financial regulators.
  • Regulators should establish environments that allow a diverse range of institutions to provide a variety of financial products and services
  • Regulators should be flexible in their approach; they must mitigate risks without limiting innovation
  • Regulators should ensure that they adequately supervise financial services providers, so as to maintain stability and the integrity of the financial system
  • Regulators should ensure that anti-money laundering and anti-terrorist financing regulations do not hinder access to financial services for poor people
Our Initiatives:

Mobile Payments

  • EFInA hosted the dissemination workshop for the Central Bank of Nigeria’s Mobile Payments Services Regulatory Framework, inviting regulators from Bangladesh, Kenya and Ghana to present the relevant regulations from their markets
  • EFInA is a member of the Central Bank’s P2P Working Group which reviews issues pertaining to the development of mobile payments in Nigeria
  • EFInA co-funded a workshop for the Central Bank to inform stakeholders of the requirements for applying for a Mobile Payments Licence
  • EFInA sponsored independent auditors to conduct the Central Bank’s Mobile Payments Services pilot audit, which involved evaluating the performance of the scheme operators during the pilot

Financial Inclusion

  • EFInA is working closely with the Central Bank in the development of a national financial inclusion strategy

Non-interest (Islamic) Finance

  • EFInA established a multi-stakeholder working group called the Nigerian Islamic Finance Working Group to address issues pertaining to the implementation and actualization of Non-interest (Islamic) finance in Nigeria. The group advocated for regulations, which resulted in the Non-Interest Banking Framework being issued by the Central Bank in January 2011


  • EFInA is a member of the Central Bank’s Microfinance Advisory Board and provides input into policy related issues

Branchless Banking

  • EFInA organised a study tour to Colombia for the Central Bank and EFInA’s Innovation Fund Committee members. The objective of the trip was to gain firsthand experience of increasing financial inclusion through agent banking

Consumer Protection

  • EFInA sponsored a consumer protection workshop in conjunction with the Consumer Protection Council (CPC) to mark World Consumers Rights Day in 2010. EFInA developed consumer education brochures on ‘A Guide To Basic Banking Transactions’ and ‘You and Your ATM Card’ for participants

Capacity Building

Our Capacity Building efforts are tailored towards Financial Services Providers (FSPs) and Regulators and Journalists.

Financial Service Providers and Regulators

Our capacity building efforts for FSPs and Regulators are further categorised as follows:

Boulder Training

Microfinance is one of the entry points to access formal financial services for the unbanked. To acquire potential customers, microfinance banks/institutions need to identify sustainable and innovative ways to provide a broad range of financial products that serve the needs of the low income population.


Increasing access to financial services and therefore enhancing financial inclusion, especially for those in the poorest segment of society has been proven to be a key driver in economic growth and wealth creation. Nigeria must reduce financial exclusion as part of a holistic approach to development. The benefits, for those at the base of the pyramid, as well as for the nation, could be very significant.

Non-interest Finance Working Group (NIFWG)

In October 2009, EFInA established the Non-interest Finance Working Group (NIFWG) in order to identify and address regulatory and market related issues to ensure the successful implementation of non-interest banking/finance in Nigeria. NIFWG members included market operators and regulators who worked together to drive a multi-institutional approach to implementing non-interest banking/finance in Nigeria.

Journalist Training

Enhancing Financial Innovation & Access (EFInA) regularly host innovation fora and workshops to trigger debate and stimulate discussions on pertinent issues in the financial sector. Financial journalists are instrumental to the process of disseminating information and educating the populace on how to improve access to financial services and enhance financial inclusion in Nigeria.