Discover why digital financial inclusion matters, and how it works. In Nigeria, millions lack traditional bank accounts due to distance, documentation, or cost restrictions. These “unbanked” individuals struggle to save securely, get credit, and access financial services. Bridging this gap isn’t just fair, it’s smart. Financial inclusion empowers millions of people, boosts small businesses, and fuels economic growth.

How Digital Financial Inclusion Is Driving Change

Several innovations are expanding access:

• USSD Banking: Works on basic phones, enabling balance checks, transfers, and payments without needing a smartphone or internet.
• Agent Networks: Local agents help users deposit, withdraw, or register via mobile apps in underserved communities.
• Mobile Wallets: Platforms like Figur, PalmPay, and Intabreej let users manage money digitally without traditional accounts.
• Micro‑Loans via Apps: Services like Branch or Carbon assess creditworthiness via mobile usage and transaction history.
• Savings Platforms: Apps like PiggyVest encourage healthy savings habits through goal-based plans and reminders.

These solutions use smartphones or simple mobile phones to offer convenient, affordable access to core financial services.

Key Benefits of Digital Financial Inclusion for Users

Digital financial inclusion offers:

1. Access Anytime, Anywhere
   No need to visit bank branches, transactions can be done with a few taps or USSD codes.
2. Cost-Effective Options
   Lower fees than traditional banks, with some services offering free transactions.
3. Credit Opportunities
   Even without formal employment, users can qualify for small loans based on their mobile financial behaviour.
4. Savings & Security
   Funds stored digitally reduce risks such as theft or loss and help build financial habits.
5. Business Empowerment
   Market traders and small entrepreneurs can receive, save, and pay digitally, thus improving business efficiency.

Where Figur Fits In

While not exclusively for the unbanked, Figur supports digital inclusion in several ways:

• Virtual Dollar Card: Enables global payments for those without traditional international cards, perfect for remote workers, freelancers, or students accessing foreign services.
• In-App Tracking: Users can monitor spending history, helping build a transparent financial record, useful for credit access and budgeting.
• Low Fees and Clear Terms: Eliminates surprises, making financial tools more trustworthy for cautious users.

By providing transparent and accessible digital financial options, Figur strengthens the ecosystem of financial inclusion.

What’s Next in Nigeria’s Inclusion Journey

• Open Banking: Launching in 2025, this will allow users to share financial data securely, allowing for more personalised services and improved financial literacy.
• Embedded Finance: Non-financial companies (like ride-share or retail apps) offer integrated banking services directly on their platforms.
• AI-Powered Credit Scoring: Based on mobile behaviour and wallet data, AI will help people build credit histories and access bigger loans.

Digital financial inclusion is not just a trend; it’s transforming lives around the world. By extending banking, credit, and savings tools to previously excluded communities, technology is redefining financial empowerment.

Tools like Figur play an important supportive role, ensuring transactions are transparent, affordable, and accessible. When financial tools become available to everyone, we move closer to a more equitable and prosperous economy.