If Nigeria is to turn decades of “jobless growth” into shared prosperity, fintech and financial inclusion aren’t optional — they’re pivotal. Renowned economist Dr. Biodun Adedipe, speaking at the 2nd Business Journal Fintech & Financial Inclusion Roundtable 2025 in Lagos, argues exactly that: technology-driven financial services can be the bridge from informal survival to formal opportunity. With more than $2 billion invested in fintech and startups in 2024, the momentum is real — but so are the policy, infrastructure, and trust challenges that must be solved.
The quick facts
- Investment: Over $2 billion invested in fintech and startups by 50+ angel and VC investors in 2024.
- Inclusion baseline: EFInA’s 2023 survey reported ~64% financial inclusion.
- Policy tools: CBN initiatives include National Financial Inclusion Strategy, National FinTech Strategy, and Payment System Vision 2025.
- Opportunities: Youthful population, large informal sector (~54–58% of GDP), rising fintech demand.
- Challenges: Skills gaps, infrastructure, affordability, consumer protection, cybersecurity, and KYC hurdles.
Why it matters
Adedipe frames financial inclusion as a structural solution to Nigeria’s long-running problems: poverty, underemployment, and an oversized informal economy. Inclusion isn’t just about opening accounts — it’s about accessible credit, reliable payments, and data that enables SMEs to scale and hire. When fintech reaches the unbanked in an affordable, secure way, it creates real economic multipliers.
Two big takeaways
- Fintech + SMEs = job creation at scale: Targeted fintech products can convert necessity entrepreneurs into growth-oriented SMEs that create jobs.
- Public-private coordination is decisive: Countries that paired regulatory clarity, interoperable rails, and agent networks saw faster, safer adoption.
Breaking down the barriers
Key barriers include limited infrastructure, onboarding costs, low digital literacy, and weak credit scoring for informal incomes. Practical actions include:
- Design micro-first products (micro-savings, pay-as-you-go).
- Scale agent networks and offline on-ramps.
- Build shared data ecosystems for credit scoring.
- Prioritize digital literacy and women’s inclusion programs.
- Use regulatory sandboxes and phased rollouts.
Why investors and businesses should care
For investors, Nigeria offers user growth plus the chance for fintech to power SME productivity — a combination of financial return and social impact. For businesses, adopting privacy-aware fintech can reduce costs, open new markets, and enable data-driven growth.
The bottom line
Dr. Adedipe’s message is clear: fintech and financial inclusion can reshape Nigeria’s growth story — but only if products, policy, and partnerships are designed with inclusion front-and-center. The opportunity is large; the work is collaborative.
Question for readers: What’s one fintech solution you believe could most effectively reduce jobless growth in Nigeria — and why? Share your thoughts below.
