Lagos Business School (LBS), through its Sustainable and Inclusive Digital Financial Services (SIDFS) initiative, has launched a significant collaboration with the Nigerian federal government to implement the Aso Accord on Economic and Financial Inclusion. This ambitious project is supported by funding from The Gates Foundation and involves collaboration with several strategic partners, including Augmentum Advisory, Banwo & Ighodalo, and Ndarani (SAN) & CO.
Leading the Charge for Financial Inclusion
The initiative is spearheaded by Professor Olayinka David-West, the Associate Dean of Lagos Business School. The primary goal is to develop a robust governance and operating model to streamline and enhance financial inclusion efforts across Nigeria. This model will aim to align the mandates, obligations, and responsibilities of various stakeholders, including regulators, operators, and implementing partners, ensuring a cohesive and effective approach to financial inclusion.
High-Level Government Engagement
The project commenced with a kick-off meeting chaired by Vice President Kashim Shettima, who emphasized the critical importance of the initiative. “There is no greater calling than developing solutions to alleviate the impact of ongoing economic reforms on over thirty million financially excluded Nigerians,” the Vice President stated. This strong endorsement from the Vice President underscores the federal government’s commitment to the initiative’s success.
The Aso Accord: A Comprehensive Blueprint
Unveiled on April 25, 2024, the Aso Accord is a strategic framework designed to ensure universal access to financial services for all Nigerians. It forms a crucial part of the Tinubu administration’s Renewed Hope Agenda, which seeks to combat poverty and insecurity by fostering broad-based economic prosperity.
Role of SIDFS in the Project
SIDFS, a key research and advocacy initiative of Lagos Business School, plays a pivotal role in this project. Established to create an inclusive financial ecosystem, SIDFS focuses on promoting economic development and financial inclusion through strategic partnerships and innovative solutions. As part of this initiative, SIDFS will also spearhead capacity-building programs and training sessions for key government officials. These efforts aim to equip stakeholders with the necessary skills and knowledge to drive financial inclusion effectively and achieve the accord’s objectives.
Commitment to Collaboration
At the project’s inception meeting, Professor Olayinka David-West expressed her appreciation for the administration’s proactive approach to financial inclusion. She reaffirmed Lagos Business School’s dedication to working collaboratively with all stakeholders to ensure the initiative’s success. “Our commitment is to foster an environment where every Nigerian has the opportunity to thrive,” Professor David-West stated.
Strategic Engagement for Success
The collaboration between Lagos Business School, the office of the Vice President, and other stakeholders is designed to galvanize the relevant authorities and ensure the project’s successful implementation. This strategic engagement is crucial for identifying the right platforms and structures needed to propel the initiative forward, thereby ensuring that all Nigerians have access to the financial services necessary for their economic well-being.
