A business owner in Lagos needs to pay an overseas supplier before the end of the day. The money is available, the supplier’s invoice is ready, and the payment deadline is clear. Yet the transaction cannot proceed until the business owner understands the applicable requirements, identifies the appropriate channel and confirms how the payment will be handled. The nearest financial institution may be only a short drive away, but proximity does not guarantee that the transaction will be completed without difficulty.
This is an important distinction in modern financial services. Being able to reach a provider is not the same as being able to complete a financial transaction successfully. Access has traditionally been measured through bank branches, service points and account ownership. Today, customers increasingly interact with financial institutions through mobile applications, digital payments, agents, messaging platforms and specialised service providers. These channels can bring financial services closer to people, but their value ultimately depends on whether customers can use them confidently and reliably.
Nigeria’s financial inclusion figures illustrate both the progress and the challenge. According to EFInA’s October 2026 analysis of its Access to Financial Services Survey, formal financial inclusion reached 73% of Nigerian adults in 2026, up from 64% in 2023, while financial exclusion declined from 26% to 21%. Yet only 25% of adults were classified as financially healthy in 2026. The figures suggest that extending access is making more financial participation possible, but participation alone does not guarantee financial security or meaningful outcomes.
For financial institutions, this changes the question they need to answer. The challenge is no longer simply how to make services available in more places. It is how to make those services usable, dependable and relevant to the people who need them, wherever they happen to be.
Access Has Changed, but the Job Is Not Finished
Physical branches still serve important purposes, particularly for complex transactions, cash services and customers who prefer face-to-face assistance. However, they are no longer the only way financial institutions reach their customers. Mobile banking, USSD, electronic transfers and agent networks allow many routine transactions to take place without a visit to a branch.
The implications are significant in a country as geographically and economically diverse as Nigeria. A small retailer may need to receive payments throughout the working day, a salaried employee may want to transfer money after business hours, and an individual in a rural community may depend on an agent for services that are not readily available nearby. Each customer needs access, but the channel that makes access practical will differ.
The Central Bank of Nigeria’s Payments System Vision 2028, launched in June 2026, recognises this wider challenge through its focus on inclusion, interoperability, security, innovation, trust and collaboration. Its ambition extends beyond increasing digital activity to developing a payment ecosystem that allows Nigerians across urban and rural communities to access secure and efficient financial solutions.
For providers, the implication is that accessibility cannot be measured by the number of branches, agents or application downloads alone. A more meaningful assessment asks whether customers can open an account, initiate a payment, understand the requirements, obtain assistance and resolve problems through channels that work for their circumstances. An institution may have an extensive digital presence, for example, but if customers cannot resolve failed transactions without repeatedly contacting support, the practical value of that access is limited.
Digital Access Must Work in the Customer’s Reality
Digital services remove some geographical barriers, but they do not remove every obstacle. Customers may encounter unreliable network coverage, expensive data, unfamiliar interfaces, identification requirements or difficulties navigating digital processes. A service that works smoothly for a smartphone user with stable connectivity may be less accessible to someone relying on USSD or seeking help with an unfamiliar transaction.
This is why the strongest financial service models combine channels rather than assuming that one will replace all the others. Digital tools can handle routine transactions efficiently, agents can provide a local point of contact for eligible services, and human support can help customers navigate complex issues. The aim is to give people a practical route to completing their financial tasks, even when their preferred channel is unavailable.
The CBN’s October 2025 agent banking guidelines illustrate why the reliability of these channels matters. The framework includes measures relating to transaction visibility, error handling and system-triggered reversals. These operational details may appear technical, but they affect the customer directly. When a transaction fails, a clear status and a defined resolution process can prevent uncertainty from becoming a prolonged dispute.
For financial institutions, the lesson is to design around the conditions customers actually face. Accessibility includes the ability to begin a transaction through an appropriate channel, understand what is required, receive confirmation and obtain help when the process does not go as expected.
The Difference Between Access and Financial Progress
A customer can have an account, use digital payments and still struggle to manage everyday financial demands. This is one of the most important findings emerging from Nigeria’s financial inclusion research.
EFInA’s 2026 survey analysis found that although formal financial inclusion had reached 73%, only about 31% of formally included adults were financially healthy under the measure discussed in that analysis. The same report noted that 70.1% of adults reported ongoing financial or welfare stress. These results show why the presence of a financial product should not be confused with evidence that the product is improving a customer’s financial position.
For customers, meaningful access means being able to use financial services to meet obligations, manage unexpected expenses and make informed decisions. For a business, it may mean receiving customer payments reliably, paying suppliers on time or obtaining the information needed to plan a transaction. The relevant outcomes differ, but both depend on services that fit the customer’s needs rather than merely offering a route into the financial system.
For providers, this calls for a more demanding definition of success. Account openings and transaction volumes remain useful indicators, but they need to be considered alongside customer effort, transaction reliability, complaint resolution and the suitability of the service. A provider that makes it easier for customers to complete important tasks is creating value that a simple count of access points cannot capture.
Communication Is Part of Access
One of the less visible barriers to financial access is uncertainty. Customers may be able to contact a provider but still struggle to understand the documents required, the steps involved, the likely timeline or what to do when an issue arises. When information is incomplete or inconsistent, customers can spend considerable time seeking clarification before they even begin a transaction.
This is especially important when the transaction is time-sensitive. A business paying an overseas supplier may need to understand the documentation required before initiating the process. Someone preparing for an international payment may need to know which service is appropriate, what information must be supplied and when they can expect an update. If these details emerge only after the customer has committed time or money, access becomes more complicated than it needs to be.
The CBN’s Nigerian Foreign Exchange Code and related FX reforms emphasise principles including ethics, governance, execution, information sharing, risk management, compliance, confirmation and settlement. These principles are particularly relevant to foreign-currency transactions, where customers need clarity about the process and confidence that the transaction is being handled appropriately.
Clear communication reduces avoidable friction. It helps customers prepare the correct information, understand what is happening and distinguish between a normal processing step and a problem requiring attention. For financial institutions, this is not merely a customer service benefit; it can also reduce repeated enquiries, incomplete applications and preventable delays.
What Access Means for FX Services
Foreign-currency transactions make the distinction between physical proximity and practical access especially clear. A customer may know where to find a provider, but still need to understand the transaction requirements, available process, applicable charges and documentation before proceeding. The value of the service depends on whether the customer can navigate those steps with sufficient clarity to make an informed decision.
Consider an importer preparing to pay an overseas supplier. The commercial decision may already involve the supplier’s price, shipping arrangements, insurance, duties and expected selling price. The foreign-currency payment is another important part of that calculation. If the importer does not understand the requirements or timing until the invoice is due, the resulting uncertainty can complicate cash-flow planning and put pressure on the transaction.
A more accessible experience begins earlier. The customer should be able to establish what information is needed, understand the relevant process, receive clear communication as the transaction progresses and know where to seek clarification if circumstances change. This does not eliminate market risk or guarantee a particular outcome, but it gives the customer a better basis for planning.
For Dealmakers, this is where access becomes a concrete part of the business rather than an abstract discussion about digital services. Our role in serving customers with legitimate foreign-currency needs should be reflected in how clearly we explain transaction requirements, communicate applicable costs and process expectations, and keep customers informed about the steps involved. Customers should not have to discover essential information through repeated enquiries or wait until a payment becomes urgent to understand what they need to do.
The distinction matters for individuals as well as businesses. A traveller preparing for an international trip, for example, benefits from understanding the currency requirement and relevant process before departure. An importer needs that clarity before committing to a payment deadline. In both cases, a well-communicated transaction experience helps the customer plan more confidently.
The opportunity for Dealmakers is therefore not simply to make a service available at a physical location. It is to make the process easier to understand and navigate through clear guidance, responsive communication and transparent handling of the transaction. That is a more meaningful expression of access because it addresses the customer’s actual task, not just the location from which the service is offered.
Measuring Access Through the Transaction Experience
If financial institutions want to improve access, they need to examine the points at which customers encounter friction. These may include unclear onboarding requirements, repeated requests for documentation, failed payments without useful explanations, uncertainty about charges or difficulty reaching someone who can resolve a problem.
Each of these issues offers a practical opportunity for improvement. Institutions can explain requirements before a customer starts, provide useful transaction status updates, make relevant fees and conditions visible, and establish clear routes for escalation. They can also use recurring complaints to identify process failures rather than treating every case as an isolated customer service issue.
For a provider such as Dealmakers, the same approach means examining the entire customer journey for FX transactions. How easily can customers understand the requirements before initiating a transaction? Are the relevant charges and expectations communicated clearly? Do customers know what stage their transaction has reached and whom to contact if they need clarification? Are questions answered consistently across the available service channels?
These are practical measures of accessibility because they connect the provider’s processes to the customer’s experience. They also create a basis for continuous improvement: fewer avoidable enquiries, clearer expectations and a more dependable transaction process are outcomes that can be observed and evaluated.
The Next Standard Is Practical Access
Financial services in Nigeria will continue to rely on a mix of physical branches, agents, digital platforms and direct human support. Different customers have different needs, and a service model that works well for one group may not be suitable for another. The objective should not be to eliminate physical locations, but to ensure that customers are not unnecessarily dependent on them to complete tasks that could be handled securely and effectively through another channel.
The evidence from EFInA shows that financial inclusion is expanding, while the financial-health findings show why access must be judged by more than participation alone. The CBN’s Payments System Vision 2028 reinforces the need to connect inclusion with reliability, security, interoperability and trust. Together, these developments point towards a more practical standard for the industry: access should be measured by what customers can actually accomplish and how confidently they can do it.
For Dealmakers, that means treating the customer experience around an FX transaction as part of the service itself. Clear requirements, transparent communication, realistic expectations and dependable support help customers navigate their financial needs without unnecessary uncertainty. Those qualities are especially important when a transaction is connected to a business commitment, an international payment or a personal deadline.
The future of financial access will not be determined by how many places a provider occupies or how many digital channels it launches. It will be determined by whether customers can get the right information, complete the task they came to perform and trust the process along the way. The real measure of access is not how close the provider is to the customer, but how effectively the service gets the customer where they need to go.
Frequently Asked Questions
What does financial access beyond physical locations mean?
It means customers can access and use financial services through suitable combinations of digital platforms, agents, payment networks and physical locations. The focus is on whether people can complete the financial tasks they need to perform, rather than on proximity to a branch alone.
Why is digital banking not enough to guarantee financial access?
Digital services can reduce geographical barriers, but customers may still face connectivity problems, device limitations, unfamiliar interfaces, documentation requirements or difficulties resolving transaction issues. Effective access requires reliable services and appropriate alternatives when a preferred channel is unsuitable or unavailable.
How does agent banking improve financial access in Nigeria?
Agent banking allows authorised third parties to provide specified financial services on behalf of licensed institutions. It can bring services closer to communities where reaching a branch is difficult, provided the agents operate reliably and customers have clear processes for resolving failed or disputed transactions.
Why is customer communication important for FX access?
FX transactions may involve documentation, process requirements, costs and timing considerations that customers need to understand before proceeding. Clear communication helps individuals and businesses prepare appropriately, make informed decisions and understand what to expect throughout the transaction.
How can Dealmakers improve access beyond physical locations?
Dealmakers can strengthen access by making FX transaction requirements easier to understand, communicating applicable costs and process expectations clearly, providing timely updates and ensuring customers know where to seek assistance. These practices help customers navigate the transaction more confidently, regardless of whether their initial interaction takes place in person or through another service channel.
References
Central Bank of Nigeria. (2025, October 6). Circular and guidelines for the operations of agent banking in Nigeria. https://www.cbn.gov.ng/Out/2025/CCD/CIRCULAR%20AND%20GUIDELINES%20FOR%20THE%20OPERATIONS%20OF%20AGENT%20BANKING%20IN%20NIGERIA%20OCTOBER%206%202025.pdf
Central Bank of Nigeria. (2026). Payments System Vision 2028. https://www.cbn.gov.ng/PaymentsSystem/PSV2028.html
Central Bank of Nigeria. (n.d.). Reforms and initiatives. https://www.cbn.gov.ng/AboutCBN/Reforms.html
Enhancing Financial Innovation & Access. (2025, September 12). Beyond access: Putting financial health at the core of Nigeria’s financial inclusion strategy. https://efina.org.ng/2025/09/12/beyond-access-putting-financial-health-at-the-core-of-nigerias-next-inclusion-strategy/
Enhancing Financial Innovation & Access. (2026, October 6). From access to progress: Making financial inclusion work for Nigerians. https://efina.org.ng/2026/10/06/from-access-to-progress-making-financial-inclusion-work-for-nigerians/
Enhancing Financial Innovation & Access. (2026, October 9). A2F 2026: Making financial inclusion work harder for Nigerians. https://efina.org.ng/2026/10/09/a2f-2026-making-financial-inclusion-work-harder-for-nigerians/