Cardoso: Price Stability Critical to Deepening Financial Inclusion

Central Bank of Nigeria Governor Olayemi Cardoso emphasized price stability as essential for advancing financial inclusion in Nigeria. Persistent inflation and exchange rate volatility can undermine access to formal financial services, Cardoso said. Speaking alongside Emir of Kano Muhammadu Sanusi II, Cardoso noted that Sanusi's delay in allowing telecoms into the financial sector had slowed financial inclusion.

The lack of access to formal credit, insurance, and pensions affects vulnerable Nigerians, according to EFInA's Access to Financial Services in Nigeria (A2F) 2026 Survey Report. The survey revealed a decrease in financial exclusion to 21% of the population, but financial inclusion remains at 79%, with formal credit access at 10% of adults.

EFInA's Director-General, Omolara Oloworaran, called for a pension inclusion module in the A2F survey to understand what incentivizes Nigerians to save for retirement. The survey found that only 9% of adults have access to pension, and 5.2% have formal insurance protection. Cardoso stressed that restoring price stability and confidence is fundamental to financial inclusion, and the Central Bank of Nigeria is focusing on monetary and price stability to achieve this goal.

However, progress in financial inclusion has not been evenly distributed, with rural communities still more excluded than urban areas, and regional disparities and gender gaps persist. Cardoso said the Central Bank is working on the fourth phase of the National Financial Inclusion Strategy, which prioritizes consumer protection, digital financial safety, and effective delivery at the sub-national level.