Kaduna State Governor Uba Sani promised to lift millions of people out of poverty through aggressive financial inclusion policies by opening three million new bank accounts by the end of 2025.

The governor made the promise while speaking at the Kaduna Economic and Financial Inclusion Summit (KEFIS 2025), themed ‘Expanding Financial Access for Sustainable Development,’’ on Wednesday.

The governor disclosed that over 2.5 million accounts had already been opened and nearly seven million citizens registered for the National Identification Numbers (NIN) to facilitate financial access.

“True financial inclusion is about granting individuals and communities the means to participate meaningfully in the economy. This means breaking the cycle of poverty and elevating their quality of life,” the governor told the stakeholders, including representatives of the vice president and development partners.

According to him, Kaduna’s rural population, which makes up 70 to 75 per cent of the unbanked, is at the centre of the state’s inclusion drive.

He said, “About 3.5 million people in Kaduna were outside the financial system as of 2023. This exclusion hindered economic growth and left many vulnerable groups disenfranchised from the benefits of modern financial systems.’’

Recounting his experience as a former chairman of the Senate committee on banking and financial institutions, the governor said that he sponsored the Banking and Other Financial Institutions Act (BOFIA) 2020.

Mr Sani pointed out that the law placed fintechs under regulation of the Central Bank of Nigeria, enabling digital financial services to reach the myriads of underserved areas.

 He added, “A lot has happened since fintechs came under the CBN’s regulatory oversight. They are now reaching people formerly outside the financial system.”

Mr Sani highlighted how they enabled access to mobile banking, credit and donor programmes.

According to the governor, his administration also institutionalised financial inclusion through the state’s Financial Inclusion Executive Order, leading to the formation of a state committee and targeted interventions.

Mr Sani said over N18 billion was channelled into accounts through direct cash transfers and inputs distribution by agencies such as KADEDA, KADSIPA, the Planning and Budget Commission.

 “The signing of the Financial Inclusion Order in 2023 marked a significant moment in our journey toward economic empowerment and social equity,” he said.

According to him, the policy saw a 19 per cent increase in financially served adults, rising from 45 per cent in 2022 to 64 per cent in 2024.

In the same vein, there was about nine per cent new banked population and 10 per cent accessing other formal financial services.

The governor added that Kaduna’s inclusion strategy also supported micro, small, and medium enterprises (MSMEs), which were critical to job creation.

Mr Sani said, “We are fostering a vibrant entrepreneurial ecosystem where MSMEs can grow, create employment opportunities, and contribute to the economy of Kaduna State.”

He added that the economic impact was already visible, disclosing that access to financial services and credit lifted many people out of poverty.

 “In Kaduna State, we believe in a comprehensive approach to tackling insecurity. Financial inclusion is addressing the root causes of insecurity: unemployment and inequality,” Mr Sani stated.

The governor said that partnership with banks such as UBA, Jaiz, Zenith and Fidelity as well as fintechs including Moniepoint, Momo, TeasyPay, and E-Tranzact, and global development partners such as Gates Foundation, has been pivotal.

He noted that the foundation was streamlining NIN enrolment and supporting digital payment systems.

Mr Sani stated that in recognition of its progress, Kaduna has been chosen as a pilot state by the office of the vice president for a national financial inclusion initiative.

He said that as part of this, Kaduna would allocate 5,000 hectares of land for an in-grower scheme, supporting rural farmers through input support and product-based repayments.

He stated, “This approach is tailored to empower rural communities and integrate them into the formal financial system.”

The governor disclosed that he was also recently appointed to the governing board of the Presidential Committee on Economic and Financial Inclusion (PreCEFI).

According to him, he represents northern Nigeria, asserting Kaduna’s role as a trailblazer in financial empowerment.

(NAN)