Nigeria’s Progress in Financial Inclusion and Health Challenges
Nigeria has made significant strides in financial inclusion, with formal inclusion growing from 36% in 2010 to 64% in 2023, and access to digital payments more than doubling from 22% to 52% over the same period, according to EFINA Access to Finance data. However, the country faces severe health equity challenges: under-five mortality stands at 102 per 1,000 live births, maternal mortality at 500 per 100,000, malaria prevalence at 15%, and Nigeria bears 27% of the global malaria burden. Financial exclusion and health exclusion are closely linked, with both concentrated in the North-West and North-East regions, among women, and in rural areas. Poverty is the connecting factor, as noted by Olu Akanmu, a pharmacist and former COO of Society for Family Health-Nigeria, in a keynote speech at the Society for Family Health “Health-Tech” catalyst event on 11 June.
Lesson 1: Scale, Reach, and Access as Core Mindset
Financial exclusion was seen as an opportunity for innovators to create scalable solutions, as fintechs and banks did. This mindset drove multiple growth in financial access. Applying the same thinking to health could unlock innovations that deliver exponential improvements in health access.
Lesson 2: Digital Technology as a Tool for Scaled Innovations
Digital technology crashes transaction costs dramatically. A $100 POS terminal can replace functions that once required a costly bank branch. In health, digital technology can bridge geography, extend markets, and reduce fulfilment costs, enabling scalable access even in remote areas.
Lesson 3: Technology as an Enabler of New Business Models
Digital technology enabled innovative business models in finance, such as mobile banking and agent networks, transforming banking from a place to an activity. Similarly, health-tech firms can develop revolutionary business models that solve health equity challenges at scale.
Lesson 4: Progressive Regulations that Support Innovators
The Central Bank of Nigeria (CBN) created new fintech licenses, established a dedicated department for payment services, and provided sandboxes for testing ideas. A similar regulatory approach in health—supportive of innovators and competition—could accelerate progress toward health equity.
Lesson 5: Digital Public Infrastructure as a Public Good
National digital identity (NIN) and BVN enabled fintechs to scale by reducing heavy lifting. In health, coordinated digital public infrastructure—such as interoperable patient records—could lower barriers for private innovators addressing health access issues.
Lesson 6: Interoperable Systems for Accelerated Scaling
Interoperability in finance allows seamless transactions across banks, fintechs, and other players. Building interoperable health system platforms would reduce frictions and enable complementary scaling of health services.
Lesson 7: Platform Thinking
Financial players build platforms that layer multiple services (payment, credit, insurance). Ping An in China evolved from digital health insurance to a broader health ecosystem. Platform thinking in health can deliver efficient, scalable access to diverse services.
Lesson 8: Ecosystem Partnerships
Financial services scale through partnerships among apps, banks, switches, and processors. Stronger ecosystem partnerships in health, enabled by digital technology, can minimize collaboration frictions and deliver innovative services even in remote areas.
Lesson 9: Data as Gold
Connected health data, analyzed with AI, can unleash targeted products and services, as seen in finance with digital wallets and microcredits. Currently, health data in Nigeria is fragmented; integrating it would drive innovation and equity.
Lesson 10: Design Thinking and Customer Co-creation
Scalable financial products are co-created with customers for convenience and adaptability. In health, involving patients, mothers, and providers in solution design can lead to wider adoption and effective access.
Conclusion
The goal of “Health for all by 2000” remains unfulfilled, but digital technology offers unprecedented opportunities to close gaps. By applying lessons from financial inclusion, Nigeria can build an inclusive healthcare system where no one is left behind. Olu Akanmu emphasizes that both sectors can learn from each other toward a more inclusive society.
