Modupe Ladipo, a leader with over 35 years of experience in investment banking, capital markets, women’s economic empowerment, and financial innovation, stands at the forefront of Nigeria’s financial inclusion movement. Throughout her distinguished career, she has focused on advancing the United Nations’ Sustainable Development Goals (SDGs), particularly SDG 1 (No Poverty), SDG 5 (Gender Equality), SDG 8 (Decent Work and Economic Growth), SDG 9 (Industry, Innovation, and Infrastructure), and SDG 10 (Reduced Inequalities).
As the Managing Director of Prosperar Consulting, Ladipo has committed to building inclusive economies in emerging markets by championing access to finance, improving financial literacy, and supporting SMEs, youth, and women-led businesses. Her work aims to ensure that underserved communities, especially women and youth, play an active role in Nigeria’s economic transformation.
Before Prosperar Consulting, Ladipo served as the pioneering CEO of Enhancing Financial Inclusion & Advancement (EFInA). Under her leadership, EFInA was instrumental in shaping Nigeria’s financial inclusion landscape, driving a remarkable increase in banking penetration from 21% in 2008 to 45% in 2020. Through initiatives like the EFInA Access to Financial Services (A2F) Survey and the launch of an Innovation Fund, EFInA provided essential financial products to underserved communities, helping lay the foundation for inclusive financial services in Nigeria.
In this interview, Modupe Ladipo delves into her motivations for transitioning from investment banking to financial inclusion, the significant strides Nigeria has made, and her continued commitment to driving economic empowerment in the country.
What motivated you to transition from investment banking in the UK to championing financial inclusion in Nigeria?
After spending many years in investment banking, particularly at the London Stock Exchange, I became acutely aware of the critical role that stock exchanges play in driving economic development. I began to understand how underdeveloped markets—particularly in Africa—could benefit from having stronger capital markets. At that time, Nigeria’s capital markets were still quite small, with limited market capitalisation and very few companies listed on the stock exchange. This realisation sparked a desire to help develop more robust capital markets across Africa.
In 2008, a close friend encouraged me to return to Nigeria, believing my background in capital markets could help drive economic change. Initially, I thought I would join an initiative focused on enhancing Nigeria’s capital market. However, I quickly learned that the most pressing need was improving financial access for underserved populations, which included rural communities, women, and SMEs. This shift in focus allowed me to get involved in financial inclusion in a way I hadn’t initially planned, but which turned out to be both personally and professionally fulfilling.
The more I immersed myself in this space, the more I realised the transformative potential of finance. I found a deep passion for creating inclusive financial systems that could truly impact people’s lives, helping them access the tools necessary for economic prosperity. What was meant to be a short-term return to Nigeria evolved into a long-term mission that I remain committed to today.
Reflecting on your time as the pioneer CEO of EFInA, what initiatives or projects had the most significant impact on advancing financial inclusion in Nigeria?
Reflecting on the start of my financial inclusion journey, my role as the pioneer CEO of EFInA marked a defining chapter in advancing financial inclusion in Nigeria. EFInA’s initiatives laid the groundwork for transformative change in the Nigerian financial sector, and I am proud to highlight some of my most impactful contributions:
• I worked closely with the Central Bank of Nigeria (CBN) to develop Nigeria’s NFIS in 2012, a groundbreaking roadmap to reduce financial exclusion. Nigeria was among the first countries globally to adopt such a comprehensive strategy, setting a precedent for others to follow. I also played a pivotal role in establishing the Financial Inclusion Secretariat, which coordinates and monitors the NFIS implementation, ensuring alignment across stakeholders.
• In 2008, EFInA launched the A2F survey, a first-of-its-kind survey to measure access to and usage of financial services among Nigerian adults. This data has become a trusted benchmark, widely utilised by government, regulators, financial institutions, NGOs, and academics to inform policies and strategies.
• I advocated for the development of evidence-based policies among key regulators, such as tiered KYC, non-interest banking, the cashless policy, agent banking, mobile money, microinsurance, and micropension frameworks. These efforts helped create an enabling environment for financial inclusion.
• EFInA became a trusted thought leader and honest broker, fostering public-private partnerships to drive financial inclusion at scale.
• In 2009, EFInA launched the Innovation Fund to catalyse growth in Nigeria’s financial sector by awarding grants to unlock the development of innovative products and digital financial services for low-income earners and marginalised groups.
• EFInA strengthened the capacity of key stakeholders across both the public and private sectors, by providing them with the knowledge and tools necessary to turn financial inclusion into a widespread reality in Nigeria, embedding it firmly into the national dialogue and driving systemic change.
Between 2008 and 2016, EFInA’s efforts contributed to a 26-million increase in the number of Nigerian adults participating in the formal financial sector. My work in economic and financial inclusion was recognised in 2022 when the CBN awarded me the Leadership in Financial Inclusion Award, a testament to the enduring impact of EFInA’s initiatives and my ongoing commitment to advancing financial inclusion for all.
How are you leveraging your experience as Managing Partner of Prosperar Consulting to deepen economic and financial inclusion in Nigeria, particularly for women-owned/led SMEs?
At Prosperar Consulting, which I founded in 2016, our primary goal is to help build inclusive economies in emerging markets. We work closely with governments, financial institutions, development finance institutions (DFIs), NGOs, and policymakers to create opportunities for underserved populations, particularly women, youth, and SMEs.
Our key focus is empowering women entrepreneurs and SMEs, who have often faced systemic challenges in accessing finance, capacity building, and corporate governance support. We work to provide tailored resources and financial products that meet their specific needs, from microloans and business development services to mentorship and training.
Through our partnerships, we advocate for policy reforms that support the growth of women-led businesses, with a focus on removing barriers such as limited access to collateral, financial literacy gaps, and cultural constraints. One of our significant achievements was developing a Women’s Economic Empowerment (WEE) Strategy for the Bank of Industry (BOI), which has directly contributed to creating sustainable financial solutions for Nigerian women entrepreneurs.
Additionally, we are making significant strides in advocating for and developing digital financial solutions, enabling women to more easily access formal financial services. Financial literacy is another critical area we focus on, providing programs that help women understand and navigate formal financial systems. Our work aims to ensure that women are not only able to access capital but are also equipped with the knowledge to use it effectively.
Congratulations on your recent appointment to the Presidential Committee on Economic and Financial Inclusion (PreCEFI). What is your vision for this role and the key objectives you aim to achieve?
Thank you very much! As a member of the Technical Implementation Committee (TechCo) of PreCEFI, my vision is to work towards creating a financial ecosystem that is truly inclusive and empowers individuals, especially those from underserved communities such as women, youth, and SMEs. I believe this is a critical part of Nigeria’s future prosperity and a key step towards achieving the broader goals of inclusive economic development.
In this role, I plan to leverage my expertise and experience to help implement strategies that will make financial services more accessible, affordable, and tailored to the needs of marginalized populations. One of the main objectives will be ensuring that financial inclusion strategies not only reach more people but also effectively address the unique needs of women, youth, and small businesses.
Additionally, I aim to collaborate with other stakeholders, including regulators, financial institutions, and development agencies, to build an ecosystem that is not only inclusive but also sustainable. I also want to contribute to strengthening the implementation of policies that will lead to greater financial literacy and empowerment, ensuring that financial inclusion is a key driver of economic growth in Nigeria.
What role do fintech companies play in bridging the gap for underserved communities?
Fintech companies are playing a transformative role in closing the financial inclusion gap, especially in underserved communities. By leveraging technology, fintechs have made financial services like microloans, savings, insurance, and payments more accessible to populations that have traditionally been excluded by the banking sector. For example, mobile banking platforms are now enabling rural women and youth to access financial services without needing a traditional bank account or physical bank branch.
The use of technology also helps lower transaction costs, improve the speed of financial services, and provide a more seamless user experience. Fintechs have also been instrumental in creating tailored financial products that meet the specific needs of underserved groups, such as low-cost remittances, microloans, or savings programs with minimal fees.
However, fintech companies must prioritise consumer protection in this growth. Transparent pricing, fair lending practices, and ensuring strong data privacy are fundamental to building trust and ensuring the long-term sustainability of these services. Additionally, fintech companies need to collaborate with regulators to ensure their products are safe, compliant, and meet the needs of their target populations.
How do you envision Nigeria’s financial inclusion ecosystem evolving over the next decade, especially considering the rapid advancements in digital financial services and fintech companies?
Looking ahead to the next decade, I am optimistic about the continued growth of Nigeria’s financial inclusion ecosystem, particularly with the rapid advancements in digital financial services and fintech companies. By 2030, I believe Nigeria will have a significantly more inclusive financial ecosystem, with a focus on the use of mobile technology and data analytics to deliver more personalised financial services. We are already seeing strong growth in agent banking and mobile payments, which are essential for reaching underserved and rural populations.
Digital services will play a central role in expanding access to key financial products, such as savings accounts, insurance, and credit, especially for women, youth, and SMEs. The widespread use of mobile phones, coupled with the National Identification Number (NIN) initiative, will make financial services more accessible to previously excluded communities.
In the next decade, I also foresee greater collaboration between fintech companies, regulators, and traditional financial institutions, enabling a more integrated and efficient financial ecosystem. By using data and AI, fintechs will be able to design innovative solutions that address the diverse needs of Nigeria’s population, making financial inclusion a reality for more Nigerians.
What are the primary barriers women and youth face in accessing finance, and what strategies have proven effective in overcoming these challenges?
Women and youth in Nigeria face a range of barriers in accessing finance. For women, one of the major obstacles is limited access to collateral, which makes it difficult for them to secure loans from traditional financial institutions. Cultural norms and gender biases can also restrict their financial autonomy and decision-making power. Additionally, many women lack financial literacy, which makes it harder for them to navigate formal financial systems.
Youth, on the other hand, often face challenges related to a lack of credit history, underemployment, and limited access to financial products that suit their unique needs. Without a proven track record or steady income, accessing credit becomes a significant hurdle.
To overcome these challenges, we have developed targeted financial products designed specifically for women and youth. For women, this includes designing loans without the need for traditional collateral, offering microloans, and creating financial literacy programs to build their confidence in managing money. For youth, we’ve seen success with products tailored to first-time borrowers and micro-enterprise support that help young people start their own businesses and improve their financial literacy.
Blended finance solutions, which combine public and private funding, have also been instrumental in expanding access to credit for these groups. These solutions help reduce the risks for financial institutions, making them more willing to lend to individuals and businesses in need.
Modupe Ladipo’s pioneering work in financial inclusion has had a profound impact on Nigeria’s economic landscape. From her early days in investment banking to her groundbreaking leadership at EFInA and Prosperar Consulting, she has dedicated her career to bridging the financial divide for underserved communities, particularly women, youth, and SMEs.
As she continues to advocate for policies that drive inclusive growth, Ladipo remains steadfast in her commitment to creating a more equitable financial ecosystem in Nigeria. Her work exemplifies the power of finance to drive systemic change, improve lives, and build sustainable economies.
Looking to the future, Ladipo’s vision for Nigeria is one where everyone, regardless of gender, age, or background, has access to the financial tools they need to thrive. As she contributes to the development of new strategies through her role on the Presidential Committee on Economic and Financial Inclusion, there is no doubt that her influence will continue to shape the country’s financial inclusion journey for years to come.
