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EFInA Report says 51% of Nigerian Adults have Access to Financial Services

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Efforts by the Central Bank of Nigeria to drive financial inclusion across the nation is yielding result, as over 50 percent of Nigerian adults are using formal (regulated) financial services.

This was disclosed during Enhancing Financial Innovation and Access, EFInA’s, Access to Financial Services in Nigeria 2020 Survey launch yesterday.

The survey shows that, while more Nigerian adults are financially included, National Financial Inclusion Strategy targets were not met.

The survey also indicated that growth in digital financial services and agent banking highlights opportunities to drive faster progress toward financial inclusion, particularly for excluded groups such as women, rural and Northern Nigerians.

According to the survey, “51 percent of Nigerian adults are using formal financial services, such as bank, microfinance bank, mobile money, insurance, or pension accounts, up from 49 percent in 2018.

“This has largely been driven by growth in banking, with 45 percent of Nigerians banked in 2020, up from 40 percent in 2018.

“Although financial inclusion has grown in the past decade, Nigeria fell short of the National Financial Inclusion Strategy targets for 2020.

“Nigeria had aimed to reach 70 percent  of Nigerians with formal financial services by 2020; the actual figure was 51 percent.

“The strategy also set targets for overall financial inclusion, which counts Nigerians that use either formal financial services or informal financial services that are not nationally regulated, such as savings groups.”

Speaking during the launch, Aishah Ahmad, the Deputy Governor, Financial Systems Stability (FSS), CBN, stated that “financial inclusion … is a strong lever for bridging income inequality, combating poverty and preserving social harmony.

“The CBN has accordingly been at the forefront of the efforts to drive financial inclusion in Nigeria by championing the development & implementation of Nigeria’s National Financial Inclusion Strategy led by the CBN Governor.”

Ahmad who doubled as Chair of the Financial Inclusion Technical Committee noted that, “Despite progress achieved to date, critical groups remained excluded including women, rural dwellers and citizens in the northern area.

“To address the issue with women, CBN launched a Framework for Advancing Women’s Financial Inclusion in Nigeria in 2020 and is leading the industry to implement the framework, which we expect to lead to significant increase in women financial inclusion in Nigeria.”

On his part, Ashley Immanuel, the Chief Executive Officer, EFInA, said, “At our current rate of progress, we will not reach the 2020 financial inclusion targets until around 2030. However, we can reach these targets much faster if we follow paths taken by other African countries that have seen rapid financial inclusion growth due to mobile money.

“EFInA’s Access to Financial Services in Nigeria Surveys show that use of digital financial services and agent networks started to grow significantly between 2018 and 2020.

“Phone ownership has also increased, with 81% of Nigerians now owning mobile phones. Now is the time to build on this initial progress and drive faster financial inclusion growth through digital financial services such as mobile money.

“We can do this by creating an open and level playing field for a wide range of providers, creating the right environment for fintech to thrive, and encouraging partnerships between different providers.”

Gail Warrander, Economic Development Team Leader, Nigeria for the UK’s Foreign, Commonwealth & Development Office, remarked that “The EFInA Access to Financial Services in Nigeria 2020 Survey shows that Nigeria has made progress on financial inclusion but there’s still a way to go.

“The report models how the journey to the financial inclusion goal can be speeded up by encouraging the scale up of mobile money. I firmly believe that the majority of those excluded, especially women and youth, could then enjoy the convenience of financial services, including using remote payments systems. This survey is full of rich data for policy makers, development partners and financial services companies to use.”


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TEDxPAU 2024: Exploring New Possibilities and Shaping Tomorrow

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TEDxPAU 2024 brought together some of the brightest minds and boldest voices on November 16th at the Honeywell Auditorium, Lagos Business School. With over 500 attendees eager to explore new possibilities, the event’s theme, ‘Shaping the Future,’ set the tone for a day filled with inspiration, reflection, and transformative ideas.

The day opened with a TED talk by TED founder Chris Anderson, followed by welcome remarks from the Vice-Chancellor of Pan-Atlantic University, Prof. Enase Okonedo. She encouraged the audience to embrace the theme, saying, “The future is now, and it is up to all of us to join hands to shape tomorrow.”

The sessions featured inspiring talks from visionaries like Akose Enebeli, who emphasized sustainable urban living by “building upwards instead of outwards,” and Goodnews Igwe, who stressed that creating value is key to success.

Temitope Runsewe championed Africa’s family values as a foundation for economic recovery, describing family businesses as “the future of Nigeria.” Prof. Fabian Ajogwu, SAN, advocated for affordable education to drive literacy and digital skills, while Michael Oluwagbemi sparked intrigue with his bold statement that “CNG is the new garri,” promoting energy innovation.

Ziad Maalouf shared leadership insights, underscoring personal growth as the key to scaling success.

Adesuwa Ifedi, Senior Vice President at Heifer International, spoke about the significance of scaling innovation from the inside out, urging organizations to embrace change-driven solutions. Dr. Peter Bamkole, Deputy Vice Chancellor of PAU, described entrepreneurship as “a catalyst for systemic change,” calling for the transformation of problems into solutions with far-reaching impact.

Dr. Cosmas Maduka, who shared his journey from adversity to global success, inspired the audience to embrace their gifts and believe in limitless possibilities.

The event ended with a fireside chat between TEDxPAU organizer Bella Victor and Dr. Maduka, who spoke about the importance of legacy and purpose. He encouraged attendees to see themselves as part of Nigeria’s solution and to embrace both the challenges and triumphs of the country’s journey.

Beyond the talks, TEDxPAU 2024 captivated attendees with musical performances, a spoken word piece, and a high-energy dance performance by different talents from the university.

The event also recognized its sponsors and volunteers, thanking them for their critical role in making the day a success.

In his closing remarks, Bella Victor expressed heartfelt gratitude, stating: “TEDxPAU was founded with the goal of giving back to this incredible school and creating a 360-degree impact—supporting our students, raising awareness for our school, and giving innovators a platform to reach a global audience. It’s inspiring to see how this event has grown and how each of you have played a part in that mission today. I thank our speakers, sponsors, volunteers, and every attendee who believed in this vision. Together, we are shaping the future.”

Attendees also enjoyed networking opportunities during breaks, sponsor exhibitions, and a private lunch for VIP ticket holders, who engaged in deeper conversations with the speakers about shaping tomorrow.

TEDxPAU 2024 once again reaffirmed its commitment to “ideas worth spreading” and left attendees inspired to take action. For recordings of the event and updates on future editions, stay tuned.


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Head of Civil Service Celebrates 100 Days in Office with the Launch of Galaxy Backbone’s “Govmail”

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In a landmark moment for Nigeria’s public service, the Head of Civil Service of the Federation, Mrs. Didi Esther Walson-Jack, OON, MINI, today marked her 100 days in office and officially launched three digital services platforms for the Civil Service.

These include, Govmail, ServiceWise GPT and the Federal Civil Service Online Portal. These platforms, underscore President Bola Ahmed Tinubu’s administration’s commitment to enhancing digital governance and driving innovation across the nation’s Federal Civil Service.

Govmail, an email platform developed and powered by Galaxy Backbone (GBB) is an innovative solution set to enhance communication, boost efficiency, and accelerate Nigeria’s digital transformation journey within the public sector.

Speaking at a meeting where the Govmail Interface was first officially presented and demonstrated to her, the Head of Civil Service expressed her excitement about the platform, stating, “GBB’s Govmail is unbelievably WOW!

This is a game-changer for our nation’s civil service, streamlining communication and creating a secure path to other government digital services. With Govmail, we are truly embracing the future of digital governance.”

Govmail is a secure, Nigeria-centric email platform designed by a team from Galaxy Backbone, exclusively for public service professionals. It ensures that all official communication are seamlessly managed while safeguarding Nigeria’s data sovereignty. The initiative emerged as a key outcome of the Digitalisation War Room, established by Mrs. Walson- Jack, to drive the implementation of cutting-edge digital solutions in government.

Commenting on this milestone, Professor Ibrahim A. Adeyanju, Managing Director/CEO of Galaxy Backbone, shared, “We are immensely proud to have developed this revolutionary platform, ensuring that every Nigerian civil servant has access to a robust and secure communication channel.

Govmail is not just about email—it’s about enabling productivity, efficiency, and sovereignty in governance. Galaxy Backbone remains committed to driving the digital transformation of Nigeria’s public sector.”

The Permanent Secretary, Federal Ministry of Communications, Innovation & Digital Economy, Engr. Faruk Yusuf Yabo emphasized the strategic importance of the Govmail for the nation’s Civil Service stating that “Govmail significantly reduces the government’s reliance on foreign email platforms, cutting costs and addressing licensing challenges. This is a commendable achievement by the Head of Service and the leadership of Galaxy Backbone.”

Through GBB’s dedicated efforts, Govmail will rapidly roll out email accounts to over 70,000 Federal civil servants across Nigeria, ensuring every government professional is equipped with a secure communication platform in record time. This initiative aligns with Nigeria’s goal of leveraging technology to build a digitally driven and globally competitive public service.


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Senate Approves New $2.2Bn External Borrowing for Nigeria

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The Senate has approved the new external borrowing plan request of $2.2 billion presented for consideration by President Bola Tinubu.

Senate Approves New $2.2Bn External Borrowing for Nigeria

The approval followed the adoption of the report of the Senate Committee on Local and Foreign Debts at the plenary session on Thursday.

The report was presented by the Sen. Aliyu Wammako, chairman of the Committee.

President Bola Tinubu had on Tuesday, Nov 19, in separate letters to both chambers of the National Assembly, requested approval of a $2.2 billion external borrowing plan to part fund the N9.7 trillion deficit in the 2024 budget .

Senate upon receipt of the request, mandated its committee on local and foreign debts to expeditiously ensure further legislative inputs on the request and report back within 24 hours.

Presenting the committee‘s report, Wammako said the presidential request was very necessary for approval.

He said the loan request would be utilised for execution of ongoing projects and programmes in the 2024 appropriation act , saying that the projects were critical for national growth and development.

“It will contribute to the implementation of the debt management strategy, which seeks to reduce the cost of borrowing.

” It will lengthen maturity of the public debt stock, free – up space in the domestic market for other borrowers, and help increase Nigeria’s external reserves .” Wammako said Nigeria could raise all or part of the 2.2billion dollars through the issuance of Eurobonds in the International Capital Market ( ICM) .

Wammako thereafter is recommended as follows:

“That the Senate do approve the implementation of the new external borrowing of 2.2 billion dollars at the budget exchange rate of one dollars to N800 in the 2024 appropriation act and that the amount should be raised from one or more sources.

“Namely, issuance of eurobonds in the ICM, issuance of debut sovereign Sukuk in the ICM, and bridge, syndicated loans, subject to market conditions.”

The report was thereafter unanimously approved via an affirmative voice vote.

In his remarks after the approval, Senator Jibrin Barau, deputy president of the Senate, who presided plenary, commended the Wammako led committee for a job well done.


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