Nigeria targets 95% financial inclusion, expands digital ID

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Nigeria is aiming to expand its digital payment channels to achieve 95% financial inclusion and spur economic growth. As for its national digital identity ecosystem, the African country is looking to link millions of cooperative members to the National Identification Number (NIN).

Central Bank of Nigeria aims for financial inclusion for all

A report by The Guardian on August 19 said that the Central Bank of Nigeria (CBN) is expanding the country’s digital payment channels to achieve a target of 95% financial inclusion, thereby supporting economic growth, according to CBN Governor Olayemi Cardoso.

Represented by the Acting Director of Corporate Communications and Investor Relations, Hakama Sidi-Ali, Cardoso said that digital payments would improve Nigeria’s financial inclusion. The governor said CBN’s reform, along with the launch of the Payments System Vision 2028 (PSV 2028)—a strategic roadmap that improves existing frameworks to build a secure, inclusive, interoperable digital payments ecosystem—aims to build a more inclusive and efficient financial system.

The bank revealed that financial inclusion has already expanded through agent banking, Point-of-Sale (POS) terminals, mobile money, QR payments, internet banking, and instant payment platforms.

However, Branch Controller of CBN Lafia, Njideka Nwabukwu, said that investments are still needed to expand digital payment infrastructure to rural and underserved communities in Nigeria. She reiterated that achieving 95% financial inclusion under the PSV 2028 would require collaboration among banks, payment service providers, businesses, government agencies, and consumers.

As for concerns, Nwabukwu identified weak digital and financial literacy, cybersecurity issues, and lax consumer protection as limiting the wider adoption of digital payments. With this, she urged traders and entrepreneurs to adopt digital payment solutions as wider adoption can help bring more people and businesses into the formal financial system.

Nigeria extends national digital ID with Seamfix

In other news, the African country is linking an estimated 370,000 registered cooperative societies to the National Identification Number, replacing the old manual process that is burdened by duplication, fraud, and inefficient service delivery.

Digital identity provider Seamfix was selected as the technical partner to develop the country’s digital ID system. Seamfix signed a Memorandum of Understanding (MoU) with the Federal Ministry of Agriculture and Food Security and the Cooperative Federation of Nigeria to deploy and improve the National Cooperative Smart Registry (NCSR).

In the new digitalized system, the registry will assign Cooperative Verification Numbers (CVNs) and Cooperative Member Identification Numbers (CoopIDs), both linked to the NIN. The NIN is Nigeria’s identity system with sector-specific programs built on top of it.

The initiative, Agriculture and Food Security Minister of State Dr. Aliyu Sabi Abdullahi said, would modernize the cooperative sector and establish a trusted national framework for verified cooperative information. Per the agreement, the government will ensure coordination of the process, while the Cooperative Federation of Nigeria will promote the importance of the new digital ID.

Seamfix COO Frank Atube said that the new initiative will replace fragmented manual identity records with a unified system. The registry joins Nigeria’s expanding network of sector-specific digital ID initiatives, including student IDs being integrated with the national identity system to support education planning and school registration.

The rollout comes as Nigeria continues to strengthen its digital identity framework through legislative and regulatory reforms, supporting the country’s digital transformation.

The country’s digital ID authority, the National Identity Management Commission (NIMC), said the reforms are part of broader efforts to streamline identity services. By July, NIN issuance had exceeded 137 million.

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