FG Signs MoU with ICAN, CIBN, and Four Other Professional Bodies to Train 10 Million Nigerians on Financial Inclusion and Literacy

Ten million Nigerians will receive free financial inclusion and literacy training nationwide, the Federal Government of Nigeria announced Monday.

According to Vice-President Kashim Shettima, Nigeria can only benefit greatly from its demographic dividend if women and young Nigerians have the moral foundation and skills necessary for a rapidly developing digital economy.

The Office of the Vice-President’s training program, administered by the Presidential Committee on Economic & Financial Inclusion (PreCEFI), which is chaired by Vice-President Shettima, aims to give Nigerians—especially women and young people—the digital competencies, investment knowledge, and financial skills they need to create sustainable wealth.

In order to strengthen Nigeria’s financial and enterprise workforce, the Office of the Vice-President, through the PreCEFI, signed a Memorandum of Understanding (MOU) with six professional bodies to collaborate on mentoring platforms, digital skills initiatives, certification pathways, and training programs.

Among the professional associations are the Nigeria Institute of Innovation and Entrepreneurship (NIIE), the National Institute of Credit Administration (NICA), the Chartered Risk Management Institute (CRMI), the Chartered Institute of Bankers of Nigeria (CIBN), the Chartered Institute of Stockbrokers (CIS), and the Institute of Chartered Accountants of Nigeria (ICAN).

Speaking on behalf of President Bola Tinubu at the State House in Abuja to officially kick off the free nationwide training of 10 million Nigerians, the vice president pointed out that the signing of the Memorandum of Understanding between the Federal Government and six of the country’s leading professional organizations was more than just a formal agreement.

He said, “It is a strategic national investment in capacity as infrastructure, which is the institutional, ethical, and human foundations upon which inclusive growth must rest.”

The Aso Accord on Economic and Financial Inclusion, which the PreCEFI is required to follow, acknowledges that “financial inclusion is not achieved by access alone, but by competence, trust, and capability,” according to Shettima.

He said that the country “cannot build a one-trillion-dollar economy on weak skills, fragmented standards, or disconnected professional ecosystems.”

“Therefore, this MoU establishes a working framework to harness the collective expertise of ICAN, CIBN, CIS, CRMI, NICA, and NIIE to advance inclusion through capacity building, advocacy, digital transformation, youth empowerment, and support for small and medium practitioners,” he stated.

“It creates a systematic framework for collaborative training initiatives, policy discussions, the development of digital skills, and professional standards that synchronize market practice with national inclusion objectives.”

Although capacity building is financial inclusion, the vice president noted that “inclusion remains a slogan rather than a system without accountants who understand MSME formalization, credit administrators who can assess risk beyond collateral, bankers who embed consumer protection, risk professionals who anticipate digital threats, and innovators who translate ideas into enterprises.”

“Importantly, this collaboration prioritises women and youth inclusion and digital transformation, recognising that Nigeria’s demographic dividend will only materialise if young people are equipped with relevant skills and ethical grounding for a fast-evolving digital economy,” stated Shettima, who maintained that the training programme must give priority to young Nigerians and women.

He urged the PreCEFI and the professional associations to view the Memorandum of Understanding as a living platform for implementation rather than just a document.

Shettima said, “Therefore, on behalf of President Bola Tinubu, I hereby flag off the free training of 10 million Nigerians, with particular emphasis on women and youth throughout the nation.”

Mallam Haruna Yahaya, the president of ICAN, had praised President Tinubu’s administration for its significant economic reforms, which led to the launch of a free training program for 10 million Nigerian women and youths on financial inclusion.

He claimed that the decision to start the project was spurred by the economy’s apparent improvements as a result of the benefits of the Federal Government’s policy changes.

Yahaya described their involvement in the initiative as an institutional honor and promised the vice-president that they would provide professional support in achieving the goal.

The CEO of WAWU Africa, one of the program’s technical partners, Mr. Emmanuel Lennox, gave the Federal Government his word that the company was prepared to complete the project, especially in terms of supplying the digital platform and general supportive environment the initiative needed to succeed.

The Technical Adviser to the President on Economic and Financial Inclusion, Dr. Nurudeen Abubakar Zauro, also explained why it was necessary to train 10 million Nigerians in financial inclusion, saying: “Exclusion is not only due to lack of access, but also to limited skills, weak institutional capacity, and insufficient professional support.”

“Therefore, infrastructure is not the only way to achieve financial inclusion; institutions and individuals must be prepared to use that infrastructure in a sustainable, productive, and responsible manner.”

The signing of the Memorandum of Understanding for the capacity building initiative by the Federal Government and the six professional associations was the event’s high point.