Wednesday, October 10, 2018 5.15PM /
Stakeholders at the 2018 Data Science summit agreed that there is need for collaboration between the technology and financial services ecosystems, to achieve scale in financial inclusion.
This was the outcome of a robust panel session today that discussed “Understanding the Financially Excluded” at the summit which had as its theme “Artificial Intelligence For Financial Inclusion”.
Lead speaker in the panel session Dr Olayinka David-West of the Lagos Business School believed AI should be utilized to capture real data of those in the informal sector.
She was of the view that innovations from AI and machine learning should go a long way in broadening the pool that captures the economic activities of the informal sector, which should lead to products that cover areas like pensions.
Mr Olu Akanmu an Executive Director with FCMB alluded to the point raised by Dr Olayinka David-West and asserted that data was vital to boosting financial inclusion.
On his part the Chief Digital Officer of ALAT powered by Wema Bank Mr Dele Adeyinka shared that from his group’s experience innovation was a key tool for improving financial services.
Adeyinka said that through the utilization of social media platforms, ALAT has been able to bring onboard the financial net students , young professionals and more customers.
The Head, Financial Inclusion for the Central Bank of Nigeria Mrs Temitope Akin-Fadeyi urged everyone to go through the recent ‘Exposure Draft of CBN on Financia Inclusion’ which she described as robust and giving top priority to a digital-led process.
She noted that Artificial Intelligence had some key gaps to address in scaling financial inclusion in Nigeria, which include;
3. Regional Gap
4. Access to Credit for MSMEs
Mrs Fadeyi challenged the young professionals and students attending the boot camp between 10th -14th, October 2018 to come up with solutions to address the financial inclusion gaps in the country.
Another panelist at the summit Mr Deremi Atanda an Execuive Director with Remita, harped on collaboration in the area of data, which will position the players in the ecosystem to reach out to the unbanked population.
Atanda was of the view that innovation can bridge the financial inclusion gap in the country, and also address the issue of poverty.
Mr Uwa of Mastercard in his contribution called on stakeholders to work together and identify the right type of technology that can drive financial inclusion in the country.
Convener of the summit Mr Adebayo Adekanmbi speaking on the 2018 bootcamp said this year’s edition will feature 150 participants, from over 90 Universities and Polytechnics in the country.
Adekanmbi was happy to inform stakeholders that companies and organiztions like FCMB, Diamond Bank, Terragon, Guardian News, KPMG and InstaDeep have agreed to provide project-based internship to the oustanding participants at the bootcamp.
The DSN Founder restated his commitment to drive the process for Nigeria to leverage technology, artificial intelligence, machine learning and research to address key socio-economic challenges in the country.