EFInA, LBS Facilitates Evidence-Based Financial Inclusion Policymaking

The Leveraging Financial Inclusion Data for Policymaking course, organized by Enhancing Financial Inclusion and Advancement (EFInA) in collaboration with Sustainable and Inclusive Digital Financial Services (SIDFS) from Lagos Business School and Pan-Atlantic University, has empowered 147 professionals with skills to utilize financial inclusion data in policy-making.

The initiative aimed to enhance participants' ability to employ evidence in decision-making and foster inclusive financial systems. SFID's SIDFS initiative delivered the seven-week program via a blend of online learning and live virtual sessions. Participants delved into financial inclusion data, such as information from Global Findex and A2F Surveys, to pinpoint gaps, comprehend the requirements of underserved groups, and outline policy priorities.

Course completion saw significant improvements in participants' knowledge accuracy, surging from 72.5% to 88.5%, and a 21.5 percentage point rise in confidence in applying their newly acquired skills. These gains signal heightened preparedness of participants to utilize data in their professional roles and policy-making. Participants formulated proposals tackling key challenges in Nigeria's financial inclusion sector, including agent banking geo-tagging, inclusive eKYC, consumer protection, open finance, Takaful, pension literacy, and rural youth credit.

These recommendations could potentially shape ongoing policy discussions and actions. Dr Oluwatomi Eromosele, EFInA's Research Lead, remarked, "We are pleased with the progress made by participants, evident in their improved knowledge, confidence, and creation of policy briefs addressing real financial inclusion issues. This demonstrates that when professionals are skilled in interpreting and applying financial inclusion evidence, they are more adept at identifying gaps, evaluating policy needs, and suggesting solutions tailored to underserved communities.

We are eager to witness this enhanced capacity contribute to more effective policymaking in Nigeria." The course prompted a shift in participants' perspective on data utilization. One participant explained, "I now consider financial inclusion data more purposefully, not merely as information to understand trends, but as evidence to identify gaps, understand underserved groups, and guide targeted policy and interventions."

Another participant shared, "I now adopt an evidence-based approach to policymaking and am better equipped to pinpoint where interventions are most needed." These insights underscore the program's core objective: to transition professionals from merely understanding financial inclusion data to applying it for more targeted, evidence-informed policy and interventions.