With 92 signatories to date – including a diverse range of institutions such as Commercial Banks, Microfinance Institutions, FinTechs, Development Partners, Financial Inclusion Enablers and Government Agencies – Nigeria presents valuable insights for other countries on how to effectively recruit financial service providers.
By positioning the Code as an opportunity for collaboration and partnership, Nigeria ensured broad support from different sectors of the financial industry and was able to generate significant interest from key FSPs, having 92 signatories to date.
The Central Bank of Nigeria (CBN) played a key role in recruiting signatories for the Code, providing leadership and ownership of the initiative. Beyond the Central Bank, collaboration with key stakeholders such as the Development Bank of Nigeria (DBN), Bank of Industry (BOI), and the World Bank added additional credibility and helped attract a wider pool of signatories. This strong backing sent a clear message to the financial ecosystem, signaling that the Code was a priority.
Another significant factor was the ceremonial launch of the Code during the second International Financial Inclusion Conference. The event, co-sponsored by the World Bank’s Finance, Competitiveness, and Investment Unit, provided a platform for stakeholders to engage with the Code and pledge their commitment publicly. The event not only facilitated signatory recruitment but also showcased innovative financial inclusion tools, including the Women’s Financial Inclusion Dashboard launched by the CBN. This incentive, combined with CBN’s leadership, helped attract institutions eager to be part of a high-profile, globally recognized initiative.
Nigeria’s signatory recruitment efforts are far from over. The CBN, DBN, and BOI are planning to extend invitations to additional partners in their networks, ensuring that no key institutions are left out. By focusing on inclusivity and offering clear incentives, Nigeria has ensured that the most influential FSPs are onboard and motivated to take action.
