By Juliet Umeh

The Chief Executive Officer of Enhancing Financial Innovation and Access, EFInA, Foyinsolami Akinjayeju, has been honoured with The Financial Inclusion Partner CEO of the Year Award at the 2025 MSME Finance and CEO Awards.

The recognition, organised by the Africa Global Economic Forum, celebrated key players bridging Nigeria’s persistent micro, small, and medium enterprise, MSME, financing gap, a challenge that continues to limit the sector’s full contribution to national GDP.
According to the National Bureau of Statistics, NBS, MSMEs account for 96 percent of businesses and 84 percent of employment, yet access to finance remains a major constraint, with less than 45 percent of MSMEs having formal banking relationships as of 2023.

Under Akinjayeju’s leadership, EFInA has become a problem-solving force in the country’s financial ecosystem. The organisation continues to drive evidence-based research, targeted advocacy, and strategic partnerships to improve access to affordable financial products for Nigeria’s unbanked and underserved populations, particularly women and small business owners.

Receiving the award, Akinjayeju described the recognition as a validation of EFInA’s collaborative work in expanding financial access.
She said: “This award is not just about EFInA; it’s about our collective vision of an inclusive financial system that leaves no one behind.”

EFInA’s Advocacy and Communications Lead, Chinasa Collins-Ogbuo, added that sustainable economic recovery depends on empowering MSMEs. “When small businesses have reliable access to finance, they can innovate, hire, and grow. That is how we build long-term economic resilience,” she noted.

The award also highlights EFInA’s expanding influence in national policy circles. The organisation was recently inaugurated as a member of the Impact Advisory Group on MSME Financing, working alongside the Small and Medium Enterprises Development Agency of Nigeria, SMEDAN, to improve access to finance through policy reforms and ecosystem strengthening.

Additionally, EFInA now serves on the Federal Steering Committee of the Nigeria for Women Programme – Scale-Up Project, NFWP-SU, a Federal Government and World Bank initiative targeting financial inclusion for women in 32 states. The project aims to strengthen women’s access to credit, training, and business platforms, addressing the gender gap in financial participation.

Since its establishment in 2007, EFInA has contributed to shaping Nigeria’s financial inclusion roadmap through data-driven initiatives, market studies, and stakeholder convenings. Its ongoing efforts support the Central Bank of Nigeria’s, CBN, target to achieve 95 percent financial inclusion by 2025, up from 74 percent in 2020, EFInA Access to Financial Services Survey.

As Nigeria’s financial landscape evolves amid rising digital adoption and economic challenges, EFInA’s leadership underscores a critical truth, that financial inclusion is not just about banking more people, but empowering them to build sustainable livelihoods.

Akinjayeju summed it up aptly: “Our vision is clear, that all Nigerians are financially included and economically empowered. This recognition reminds us that collaboration, innovation, and evidence are the tools to make it happen.”