• Nigeria launches free financial literacy training for 10 million people

• Program targets women, youth, financial and digital skills

• Initiative supports inclusion goals under Tinubu’s Renewed Hope agenda

Nigerian Vice President Kashim Shettima announced on Monday the launch of a free nationwide training program targeting 10 million Nigerians, focused on financial inclusion and literacy.

The initiative aims to equip beneficiaries, particularly women and youth, with financial skills, investment knowledge, and digital skills essential for sustainable wealth creation.

To support implementation, the Office of the Vice President, through the PreCEFI program, signed a memorandum of understanding with six professional bodies. The partnership aims to co-design training programs, certification pathways, digital skills initiatives, and mentoring platforms to strengthen the country’s financial and entrepreneurial workforce.

According to the latest survey by EFInA, a Nigerian organization specializing in financial inclusion research, the formal financial inclusion rate reached 64% in 2023, up from 56% in 2020. Including informal channels, 74% of Nigerian adults now have access to financial services, while 26% remain fully excluded.

The use of non-bank financial services, particularly mobile wallets, microfinance, and fintech applications, has also increased significantly. Their share doubled over the period to reach 12% in 2023, compared with 5% three years earlier.

This trend is part of the “cashless” policy implemented by the Central Bank of Nigeria (CBN) over several years, aimed at reducing cash circulation in the economy. The strategy relies on fees applied to cash withdrawals above certain thresholds to encourage electronic payments. Against this backdrop, the CBN reinforced the system in December 2025 by introducing new weekly cash withdrawal limits of 500,000 naira ($365) for individuals and 5 million naira for businesses, with additional fees beyond these thresholds.

The program also aligns with President Bola Ahmed Tinubu’s “Renewed Hope” agenda, which identifies human capital development as a key driver of economic recovery.

Ingrid Haffiny