Data & Financial Inclusion | |
Data & Financial Inclusion | |
2486 VIEWS | |
![]() |
Wednesday, December 18,
2019 / 7:27 PM / Nifemi Taiyese for WebTV / Header Image Credit: WebTV
With less than a month to the year 2020, the
possibility of Nigeria attaining the 80% financial inclusion target for its
adult population, constitutes part of the agenda of the Central Bank of Nigeria
(CBN) and other players in the domestic financial services sector.
At the recent 2019 Accion Microfinance Bank Financial
Inclusion Seminar, the Chairman of the Board, Accion MFB, Mr. Patrick
Akinwuntan, in an interview with WebTV, gave his views on reducing the
exclusion gap to 20% in 2020.
He identified four (4) pillars that have the potential
of driving Nigeria's financial inclusion strategy.
The Search for
Collaboration
Mr. Akinwuntan emphasized active collaboration amongst
the various players in the eco-system from the Nigeria Inter-Bank Settlement
Systems (NIBSS) Shared Agency Network Facility (SANEF), an agency
platform of the Central Bank, to the Fintechs and Telcos.
According to Akinwuntan, the whole idea is to leverage
on a shared basis framework the various digital platforms to deliver on the
mandate of financial inclusion to every household.
He noted that the CBN, through various initiatives and
policies, has moved the nation from 40% financial inclusion to over 60%.
The Accion MFB Chairman said the whole idea was to combine efforts at achieving
over 80% inclusion by 2020.
Akinwuntan agreed that adopting a shared digital
platform from mobile phones, switches, credit bureaus, and the identification
information from BVNs of banks to Telcos was critical in supporting the
efficiency desired for inclusiveness. He made a case for the leveraging
of all know-your-customer (KYC) information to deepen inclusion and stimulate
activities in the agriculture, health, creative arts and a
few other sectors.
Speaking on the pillars for achieving financial
inclusion, Akinwuntan gave thought to the following:
The Regulatory Pillar
For the regulatory pillar, the Accion MFB Chairman
said the process has allowed for the establishment of tier 1 account, to the
extent that people can open accounts from their mobile phones. He called for
the sustenance of regulatory collaboration that will have a positive impact on
Nigeria's financial inclusion drive.
The Digital Pillar
Akinwuntan called for collaboration between the
Telcos, National Switches, Insurance Companies, Credit Bureaus, the National
Identity Management Commission and the Nigerian Immigration Service.
The focus here, according to him, was to bring the
services at the lowest cost in a sustainable manner through the digital pillar.
He made a strong case for leveraging APIs to deepen
digital financial services.
The Education Pillar
On Education, Akinwuntan stressed the need for
investment in financial education to achieve the 2020 target.
From public enlightenment programs to media campaigns,
stakeholders in the ecosystem should assiduously sensitize Nigerians to the
benefits of participating in the financial system.
He lauded the financial inclusion sensitization
programs by the CBN but urged other organizations to join in expanding the
enlightenment seminars/workshops and publicity across the nation.
The Security Pillar
As the nation goes digital in its financial services,
reaching out to millions of unbanked Nigerians, investments in cyber-security
must be given top priority by the stakeholders in the banking and Fintech
ecosystem.
As financial inclusion deepens in the country, Mr.
Akinwuntan believed the systems, digital infrastructure and the personal
details of people should be secure.
The National Security Architecture of Nigeria must
ensure a robust cyber-security measure to guard against cyber-crimes that could
act as a disincentive to financial inclusion.
Financial Inclusion Rate
At the moment, Nigeria's financial inclusion rate is
63.2% and would require an additional 16.8% to hit the 2020 target of 80%.
Major areas to deepen financial exclusion in the
country include; the North-West and North-East regions, Women, Youth and
Rural communities.
Related News
1.
Accion 2019
Seminar Explores How MFBs Can Deepen Financial Inclusion
2.
How Africa's
Fintech Industry Will Shape Financial Inclusion
3.
Accion MFB to
Host its 3rd Annual Financial Inclusion Seminar on December 11th, 2019
4.
CBN Bankers
Committee Celebrate 2019 World Savings Day Reaching 642 Schools In Nigeria
5.
DSN Launches
First AI Book For Primary and Secondary Schools, To Deepen Technology In
Nigeria
6.
Financial
Inclusion In Africa: PalmPay Raises $40m From TECNO Mobile
7.
NIMC - Court
Stops Issuing of National Identity Cards as Chams and CCL seek N114bn Damages
8.
Accion Mfb MD,
SANEF CEO Discuss Nigeria's Quest Of Attaining 80% Financial Inclusion By 2020
9. 1st AI Book for
Nigerian Elementary Schools to be unveiled at the DSN AI Summit 2019
10.
Financial
Inclusion Rate in Nigeria Now 63.2% As At 2018
11.
Roadmap 2020:
Nigeria's Financial Exclusion Rate Currently 36.8% - CBN
12.
Financial
Services Agents Call On CBN To Address Stamp Duty Charges
13.
Zenith Bank
Drives Convenient Banking and Financial Inclusion with Z-Money
14.
Firstbank
Targets 500,000 Agents to Boost Financial Inclusion
15.
Data Science
Nigeria Bags 2 Continental AI Awards In Kenya and Tunisia