Accelerating Financial Inclusion in Nigeria: Six Key Insights from the 2024 National Savings Group Conference

The 2024 National Savings Group Conference in Nigeria, organized by CARE Nigeria and the Savings Group Implementers Platform (SGIP), highlighted the critical role of Savings Groups in accelerating financial and economic inclusion. The event brought together over 500 participants from diverse sectors, including private organizations, NGOs, CSOs, government institutions, and international bodies, to discuss challenges and opportunities in scaling Savings Groups across Nigeria. The conference emphasized the importance of strong coordination, leadership, and resource commitments from all stakeholders. It also provided a platform for cross-country learning exchanges, with representatives from Sierra Leone, Ghana, Cote d’Ivoire, Niger, and Uganda sharing insights and experiences. Additionally, discussions between the Uganda Microfinance Regulatory Authority (UMRA) and the Central Bank of Nigeria (CBN) opened avenues for potential regulatory frameworks for Savings Groups in Nigeria.

Key outcomes from the conference included a call for the establishment of a national regulation and recognition framework for Savings Groups, the creation of an Apex Organization to support these groups nationwide, and the need for comprehensive studies to better understand existing models and their impact. The involvement of state officials highlighted the growing interest at the local government level, emphasizing the need for deeper engagement with local authorities. The conference also identified the untapped potential of digital technology in enhancing financial inclusion for Savings Groups, recommending greater collaboration with microfinance institutions to provide digital tools and literacy. To maintain the momentum, follow-up webinars were planned to continue discussions on the regulation of Savings Groups.

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