By Ayo Onikoyi

Too many Nigerians work hard but remain excluded from the formal economy. We can’t talk about national growth without talking about access and it starts with financial inclusion. I have spent the better part of my career thinking about numbers analyzing financial statements, auditing systems, and evaluating risks. But over the years, I have come to understand something that no spreadsheet or audit report can fully capture: behind every data point is a human being. And in Nigeria, far too many of those people are struggling just to participate in the economy despite working incredibly hard.

It is not for lack of ambition or ability. It is because many are excluded particularly from the financial system. I have seen it up close, the market woman with no access to credit, the small business owner saving every naira in cash, the youth with a brilliant idea but no financial footprint to back it up. These are the people who make up the backbone of our economy, yet they are locked out of opportunities the formal sector provides. This is why I believe financial inclusion isn’t just a buzzword, it is a tool for equity, and a bridge to national development.

As of today, over 40% of Nigerian adults are either unbanked or underbanked. Without access to secure savings, credit, insurance, or digital banking tools, they remain trapped in the informal economy vulnerable to shocks and shut out of wealth-building opportunities.

From what I have seen, three issues fuel this exclusion: infrastructure gaps, especially in rural and hard-to-reach communities; low financial literacy, not due to ignorance, but because services are often designed without people in mind; and a lack of trust in financial institutions, often rooted in real past experiences of failure and exploitation. These are not easy challenges, but they are also not insurmountable.

In my opinion, bridging this gap requires more than intention, it demands a bold, collective shift in how we design and deliver financial services. First, we need to invest in rural infrastructure not just for internet and mobile access, but for financial education hubs where people can learn how to navigate tools that were not built with them in mind.

Second, we must rethink how financial products are created. Too often, they are modeled after urban experiences. But a woman in a farming village and a young tech worker in Lagos do not need the same banking features. We need more culturally relevant, context-specific tools whether it is group savings platforms, micro-insurance schemes tailored to agricultural cycles, or low-interest credit tied to informal income streams.

And third, we need public-private partnerships that work not in theory, but in practice. Regulators should walk hand-in-hand with fintechs and grassroots organizations to create frameworks that protect users without stifling innovation. Government-backed guarantees for small digital loans or incentives for agents operating in underserved areas could move the needle quickly.

Technology offers real hope by leveraging mobile banking, agent networks, and biometric IDs to enhance accessibility and strengthen security. But the success of these tools depends on how we deploy them. It is not enough to roll out new platforms, we need to ensure they are understandable, usable, and trustworthy. That means engaging communities, offering education, and designing services that reflect people’s real lives.

Financial inclusion extends beyond banking, it is about restoring dignity and empowering lives. When people have access to formal finance, they can save for emergencies, invest in their businesses, and plan for their futures. That kind of empowerment strengthens not just individuals, but the entire nation.

I believe we can close the wealth gap in Nigeria, but it will take courage, coordination, and compassion. We cannot afford to continue building systems that work only for the privileged few. We must build for everyone; only then can we unlock the full potential of our people and move closer to the inclusive future we all deserve.