In a nation where financial exclusion remains a persistent obstacle, a subtle yet powerful transformation is underway, driven not by major institutions but by analysts working both within and alongside them.
In 2021, a group of Nigerian financial professionals published a groundbreaking paper titled: “Advancing Financial Literacy Through Behavioural Analytics and Custom Digital Tools for Inclusive Economic Empowerment.” The paper advocated a significant shift from conventional financial education, calling for systems that adapt to people, rather than forcing people to adapt to rigid systems.
Operations and Finance Manager at Guaranty Trust Bank and one of the lead authors, Dare Abiodun, said the concept was born from real-world experience. “We kept seeing the same thing, people weren’t failing to save or budget because they were lazy, but because the tools didn’t reflect how they actually live and make decisions,” he explained.
Co-authors include: Financial & Credit Analyst at Access Bank, Lolade Hamzat, an SME banker with GTBank, Andrew Ajao, and Senior Manager at Venture Garden Group, Akindeji Bakinde. Together, they developed a framework for tailoring financial education using behavioural data, focusing on how people interact with money both emotionally and practically, especially in low-income and informal settings.
The ideas presented in the paper have since shaped practical strategies adopted by professionals across education, finance, and grassroots outreach. “They weren’t just focused on savings targets or credit scores,” said Remi Osadare, a Lagos-based development economist. “They were translating financial knowledge into something that felt relatable and culturally grounded.”
This philosophy has also influenced PAS Entrepreneurs, a grassroots initiative co-founded by Abiodun. The organisation works in schools and community markets, developing financial literacy tools for young people using local languages, mobile formats, and interactive storytelling.
Rather than relying on traditional PowerPoint workshops, PAS sessions often begin with stories or games. “It helps break the fear around money,” said Ifeoluwa Adedeji, a teacher in Lagos State whose school partnered with PAS last year. “The students talk about money choices now the same way they talk about football or music.”
The initiative has received informal recognition from educators and civic groups in Ikorodu and other parts of Lagos. Although not government-backed, PAS has led youth workshops in public schools and collaborated with community leaders on outreach programmes.
Despite these successes, Abiodun is quick to share credit. “Everything we do is a team effort,” he said. “From the paper to the classroom, it’s always been about connecting ideas to people who can use them.”
As Nigeria’s fintech sector continues to evolve, observers say initiatives like PAS and the behavioural framework underpinning it could play a crucial role in ensuring that financial innovation reaches everyone, not just the digitally fluent elite.
“Access alone isn’t enough,” Osadare noted. “You must meet people where they are. What this team did was create a blueprint for that.”
