Speaking at a financial inclusion conference in Lagos, financial strategist and Associate Chartered Accountant Adebanji Ogunmokun called on the Nigerian government to intensify efforts to bridge the financial gap by expanding access to banking for millions of unbanked and underbanked citizens.
Ogunmokun, a seasoned financial analyst with experience in corporate finance and investment strategy, emphasised that a more inclusive financial system is key to national economic stability and growth.
“Nigeria has one of the highest unbanked populations globally, and this significantly limits economic progress,” Ogunmokun said in his keynote address. “Without access to basic banking services, millions of Nigerians are unable to save securely, access credit, or participate in formal financial systems, which in turn affects overall economic growth.”
He pointed out that many low-income earners and rural dwellers lack access to traditional banking services due to high fees, complex documentation, and limited infrastructure.
“Financial inclusion is about making banking accessible, affordable, and convenient. If we truly want to grow the economy, we must ensure that everyone, regardless of their income level, has access to financial services,” he stressed.
Ogunmokun urged policymakers to enhance financial infrastructure in rural and underserved areas, invest in financial literacy programs, and create more incentives for financial institutions to develop inclusive banking products.
“We need policies that encourage financial institutions to serve the underbanked population. Mobile banking, agent banking, and community-driven financial initiatives must be supported to close the financial gap,” he added.
He also highlighted the need for stronger regulatory frameworks that encourage banks to lower barriers to entry for low-income earners and simplify account-opening processes.
“Financial inclusion should not be a privilege; it should be a right. The government must work with financial institutions to remove bureaucratic bottlenecks and promote flexible banking solutions that cater to all Nigerians,” Ogunmokun concluded.
