Proshare Foundation Signs MOU with CFSI to Deepen Financial Inclusion in Nigeria


Tuesday, 08 January 2019   12.36PM / Proshare Foundation


Proshare Foundation, as part of efforts to deepen financial inclusion in Nigeria recently signed a memorandum of understanding with the Center for Financial Services Innovation (CFSI), the authority on consumer financial health in the United States.


The MOU will provide an avenue for Nigeria through Proshare foundation to leverage on the capacity of CFSI to improve the financial health of consumers with a focus on underserved and financially struggling communities.


Recently, the EFINA 2018 Financial report showed that Nigeria’s Adult financial exclusion rate is 36.8%, while 58.4% are financially served. This partnership is an opportunity to scale Nigeria’s target of achieving a 20% adult financial exclusion rate, with a broad service delivery in the rural areas 


Through the MOU, Proshare Foundation and CFSI seek to help the Nigerian financial market understand the customers that they serve in the development of products and services that will cater and capture the unbanked in the ecosystem.


The collaboration between Proshare Foundation and CFSI will also achieve the development of a special research work that will present an understanding of the specific financial health challenges facing Nigerians.


To this effect, a stakeholder forum will be holding in Q1, 2019 to create more awareness and sensitization about the research work and the support required.

The planned Proshare Foundation-CFSI research project on financial inclusion has four (4) phases namely;

  • CFSI will conduct virtual discussions with different stakeholder groups and also hold a comprehensive secondary research view and analysis of global financial health and inclusion.

  • CFSI and Proshare Foundation will design a primary research strategy to engage Nigerian consumers, through interviews and focus groups throughout the country.

  • CFSI will synthesize all project findings and develop the storyline for the research report, while Proshare Foundation will be the lead author of the research report with support and guidance provided by the US-based non-profit organization.

  •  CFSI and Proshare Foundation will present this research, both virtually and in-person, in both Nigeria and in US to disseminate project learnings.

About CFSI

The Center for Financial Services Innovation (CFSI) is the nation’s authority on consumer financial health. CFSI leads a network of financial services innovators committed to building a more robust financial services marketplace with higher quality products and services, specifically for those who are struggling. Through its Compass Principles and a lineup of proprietary research, insights, and events, CFSI informs, advises, and connects members of its network to seed the innovation that will transform the financial services landscape. For more on CFSI, go to and follow on Twitter at @CFSInnovation. 


About Proshare Foundation

Proshare Foundation is a non-governmental organization set up to develop innovative solutions through practical research and active engagement with financial service providers, policy makers, innovators and funders to enable approaches at scale; working with and through partners like CFSI. For more on the Proshare Foundation, go to and follow on Twitter at  @proshareFDN. 


For further enquiries, kindly contact the Executive Director via


Proshare Nigeria Pvt. Ltd.

Related Links On Financial Health

1.     Global Financial Health Framework - Center For Financial Services ...

2.      Financial Health as a Global Framework - Center for Financial Inclusion

3.      A Global Framework for Financial Health | Dalberg

4.      Beyond Financial Inclusion: Financial Health as a Global Framework ... 

5.      Measuring Financial Health: Not as Easy as It Looks - CGAP

6.     Understanding and Measuring Financial Health - Social Performance ... 

Related News

1.       Key Findings From The EFInA Access to Financial Services in Nigeria 2018 Survey

2.      FirstBank Reinforces Financial Inclusion With New Market Activations

3.      Financial Inclusion in Nigeria: 6 Next Steps

4.      36.8% of Adult Nigerians Are Financially Excluded - EFINA 2018 Survey

5.      NIMC, Identity Management and National Development

6.      2018 Accion Nigeria Seminar Explores Digitization As a Tool for Deepening Financial Inclusion

7.      FCMB Partners WSBI to Boost Financial Inclusion and Savings in Nigeria

8.     Machine Learning in Finance – Present and Future Applications

9.      Identity Management, Payment Service Bank Key to Scaling Financial Inclusion in Nigeria

10.  The Difference Between Artificial Intelligence and Machine Learning

11.   AI in Foreign Exchange Trading (Forex) – Current State of the Sector

12.  #NES24 - Breaking the Financial Inclusion Barrier                                  

13.  Digitization Is Gaining Momentum In the Capital Market Ecosystem-Oscar Onyema, CEO NSE

14.  OAU and UNILAG Students Win Data Science Nigeria BlueChip Inter-Campus Machine Learning Competition

15.   WISE Discusses “Building Your Financial Future: The New Disruptors”


Proshare Nigeria Pvt. Ltd.


Related News