Challenge Sector 05 · Problem statement
Financial Inclusion
Help individuals and small businesses use safe, affordable financial services and manage everyday financial needs.
Problem context
The reality facing communities
Individuals and small businesses in Nigeria’s unserved and underserved communities may have access to financial accounts yet struggle to use appropriate services affordably, safely and reliably. Connectivity, documentation, limited formal financial histories and confusing product terms create barriers to suitable credit and financial participation. Irregular incomes, fraud exposure, limited access to protection products and external economic or health shocks leave many financially vulnerable, even when they can budget or save.
Challenge question
“How might we use trustworthy, accessible and affordable ICT solutions to help underserved individuals and small businesses in Nigeria reliably use suitable financial services, make informed and safe financial decisions, build credit readiness and strengthen resilience to financial shocks?”
Your solution should respond clearly to this question and show how it can work in an unserved or underserved Nigerian community.
Illustrative angles and opportunities
Where solutions can help
You may address one of these illustrative angles, or propose an alternative solution within this Challenge Sector.
Access to Affordable and Reliable Financial Services
Improve practical usability, affordability and reliability of suitable services, including low-connectivity or assisted access, affordable credit pathways, alternative creditworthiness information and relevant institutional partnerships without creating new exclusion barriers.
Financial Capability, Trust and Consumer Protection
Support local-language financial guidance, transparent product terms, fraud prevention, trustworthy design and pathways to credit readiness, using appropriate records or evidence of business activity.
Household and Small Business Financial Management and Resilience
Support income planning, flexible savings and preparation for economic or medical shocks, including access to affordable insurance, relevant public financial services and appropriate small-scale investment information.
Ready to respond to the Financial Inclusion problem statement?
Submit your ICT-led idea, prototype or working solution before 15 November 2026 at 11:59 p.m. WAT.
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