By Ayo Onikoyi

Financial expert Adebanji Ogunmokun has called on  the Nigerian government to prioritise financial inclusion as a means to reduce poverty and improve livelihoods. He stressed that without accessible banking, millions of Nigerians remain trapped in financial exclusion, limiting their ability to build sustainable wealth.

“Banking is more than just a place to store money; it is a tool for economic empowerment,” Ogunmokun said. “A well-structured financial inclusion strategy can help people transition from poverty by providing access to credit, insurance, and investment opportunities.”

Drawing from his extensive experience in financial reporting and corporate finance, Ogunmokun explained that financial exclusion prevents individuals and small businesses from accessing funding, making it difficult for them to grow and contribute to the economy.

“Imagine a small-scale trader who cannot access a loan simply because they lack formal banking history. These are the people who need financial services the most,” he added.

Ogunmokun urged policymakers to introduce policies that incentivise microfinance institutions, fintech startups, and traditional banks to cater to the financially excluded population. He also called for financial literacy programs to help people understand the benefits of banking and how to utilise financial services effectively.

“The key to reducing poverty is providing the right financial tools to those who need them most. The government must ensure that banks and financial service providers innovate and offer affordable services to the unbanked,” he said.

According to Ogunmokun, digitisation of banking services and expansion of agent banking networks can play a significant role in reducing poverty.

“Financial services must meet people where they are. If we make banking accessible through mobile technology and digital payments, we can create financial independence for millions of Nigerians,” he explained.

He emphasised that beyond economic growth, financial inclusion enhances individual security and stability.

“This is not just about economic growth; it is about improving lives. A more inclusive financial system means a better quality of life for all Nigerians,” he concluded.