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From Juliana Taiwo-Obalonye, Abuja
The Federal Government has begun implementing its economic and financial inclusion strategy by setting up an inter-agency task force to fast-track conditional cash transfers to 15 million vulnerable Nigerian households, a key initiative approved by President Bola Tinubu.
At the inaugural meeting of the Technical Committee of the Presidential Committee on Economic and Financial Inclusion (PreCEFI), Deputy Chief of Staff to the President (Office of the Vice President), Ibrahim Hadejia, emphasised the importance of collaboration among government agencies, financial institutions and academia.
He said: “We are off on a very good start. What has led to the success of what we’ve done so far is alignment and inclusive stakeholders’ engagement. Financial inclusion is not just about having a bank account, it means access to quality services, credit and the visibility that digital platforms offer.”
He also referenced insights from the World Bank Spring meetings, highlighting India’s success in lifting millions out of poverty through financial inclusion.
PreCEFI Secretary and Technical Advisor to the President on Financial Inclusion, Nurudeen Zauro, announced the approval of the committee’s strategic roadmap and governance structure.
He revealed: “An inter-agency committee has been established to address delays in the disbursement of conditional cash transfers to 15 million households as mandated by President Tinubu.”
The task force includes the National Identity Management Commission (NIMC), National Social Safety-Nets Coordinating Office (NASSCO), National Cash Transfer Office (NCTO), Central Bank of Nigeria (CBN) and Nigeria Inter-Bank Settlement System (NIBSS), all working to remove bottlenecks and speed up payments to the most vulnerable Nigerians.
Director-General of NIMC, Abisoye Coker-Odusote, stressed the critical role of digital identity, stating, “The beauty of the NIN is that it bridges the financial divide. It provides access to health, education and agricultural services and strengthens national data infrastructure.”
Aisha Isa-Olatinwo of the CBN urged the committee to prioritise tangible outcomes for low-income Nigerians, noting, “Financial inclusion is one of the eight reform pillars of the President’s agenda.”
Professor Olayinka David-West of Lagos Business School described the meeting as solution-oriented and stressed that economic and financial inclusion is every Nigerian’s problem.
The committee also plans to collaborate with state governments to localise data from the EFInA Access to Financial Services survey, ensuring that financial inclusion efforts are tailored to regional needs.
Zauro explained: “We will be presenting the report to the National Economic Council and the Nigerian Governors’ Forum to ensure data is domesticated and acted upon at the subnational level.”
According to a statement by Senior Special Assistant to the President on Media and Communications (Office of The Vice President), Stanley Nkwocha, Dean of the Lagos Business School, Olayinka David-West, said the meeting was solution-oriented.
“We identified key challenges impacting the achievement of the President’s Renewed Hope Agenda and how we would use our collective wisdom to solve the problems,” she said, adding that “economic and financial inclusion is every Nigerian problem.”
Other members of the committee present at the meeting included the National Information Technology Development Agency (NITDA), the Nigerian Governors’ Forum (NGF), the National Cash Transfer Office (NCTO), the Nigerian Communications Commission (NCC), the Federal Competition and Consumer Protection Commission (FCCPC), the Bank of Industry (BOI), Gates Foundation, Ahmadu Bello University, Zaria (ABU Zaria), the Egbaraden Traditional Council, IQS Africa and Google.
