By Our Correspondent in Kaduna
Governor of Kaduna State, Uba Sani, has revealed that the state aims to open two million new bank accounts by the end of 2025 as part of its efforts to reduce poverty through financial inclusion in the state.
Speaking at the Kaduna Economic and Financial Inclusion Summit ,KEFIS 2025, themed ‘Expanding Financial Access for Sustainable Development’, on Wednesday, the governor revealed that over 2.5 million accounts have already been opened, and nearly seven million citizens have registered for National Identification Numbers ,NIN, to facilitate financial access.
The Governor emphasised that financial inclusion is crucial for economic growth and poverty reduction.
“True financial inclusion is about granting individuals and communities the means to participate meaningfully in the economy, break the cycle of poverty, and elevate their quality of life”, he said.
According to Governor Sani, about 3.5 million people in Kaduna were outside the financial system as of 2023, hindering economic growth and leaving many vulnerable groups disenfranchised.
He, however, noted that his administration has made significant progress in promoting financial inclusion through various initiatives.
The governor highlighted the impact of the Banking and Other Financial Institutions Act ,BOFIA, 2020, which brought fintechs under Central Bank regulation, enabling digital financial services to reach underserved areas.
“A lot has happened since fintechs came under the CBN’s regulatory oversight”, he said, adding that they are now reaching people formerly outside the financial system.
He also noted that the Kaduna State Financial Inclusion Executive Order has led to the formation of a state committee and targeted interventions.
He added that under the current administration, over ₦18bn has been channelled into accounts through direct cash transfers and input distribution by agencies like the Kaduna State Enterprise Development Agency ,KADEDA, the Kaduna State Social Investment Programmes Agency ,KADSIPA, and the Planning and Budget Commission.
According to him, the policy has resulted in a 19% increase in financially served adults, rising from 45% in 2022 to 64% in 2024.
“The signing of the Financial Inclusion Order in 2023 marked a significant moment in our journey toward economic empowerment and social equity”, Sani said.
Sani also emphasised the importance of supporting Micro, Small, and Medium Enterprises ,MSMEs, in job creation and economic growth.
“We are fostering a vibrant entrepreneurial ecosystem where MSMEs can grow, create employment opportunities, and contribute to the economy of Kaduna State”, he said.
The Governor attributed the progress made in financial inclusion to partnerships with banks, fintechs, and global development partners like the Gates Foundation.
“The Gates Foundation is streamlining NIN enrollment and supporting digital payment systems”, he said.
He noted that Kaduna has been chosen as a pilot state for a national financial inclusion initiative and will allocate 5,000 hectares for an in-grower scheme to support rural farmers.
“This approach is tailored to empower rural communities and integrate them into the formal financial system”, he said.
With these efforts, the governor expressed confidence that Kaduna State will continue to make significant strides in reducing poverty and promoting economic growth through financial inclusion.
