Digital Technology Will Enhance MFB Operations in Nigeria - Victor Mba

Proshare

Thursday, December 18, 2019 / 9:14 AM / Bukola Akinyele for Proshare WebTV / Header Image Credit: WebTV


As  Microfinance banks in Nigeria reposition to deepen financial services across the nation, technology offers a great opportunity to leapfrog and provide efficient banking services to improve financial inclusion, said Mr. Victor Mba, Head of Intelligence at Phillips Consulting limited. Mba was speaking on "Addressing Opportunities for MFBs Using Digital Technology." At a recently held seminar in Lagos organised by Accion Microfinance Bank.

 

Mba noted that in 2018 Philips consulting did a survey of about 1, 716 people across Nigeria to find out the challenges to deepening financial inclusion in the country.

 

From the survey,  Mr. Victor Mba said 50% of the people interviewed knew at least five financially-excluded people, revealing the level of financial exclusion in Nigeria.

 

Giving further insight he pointed out that 43% of interviewees identified poverty and unemployment as the drivers of financial exclusion.

 

Mba further noted that 64% of the people in the survey said the reason they were banking was to collect their salaries and wages.

 

According to him,  the state of the economy constituted the primary reason for financial exclusion in the country.

 

Also, 61% of the financially excluded group were between the ages of 18- 35 years, with most of them residing in the northern part of Nigeria.

 

He called for collaboration amongst stakeholders in the areas of funding, logistics, intelligence and data to improve financial inclusion.

 

For Microfinance Banks, he emphasized the fact that leveraging digital technology would improve their operations and enable them to achieve scale-up operational advantages by deploying KYC, enhancing their product design, loan recovery, expansion, credit rating, and so on.

 

Phillips Consulting will unveil its next Financial Inclusion Report in 2020, capturing the impact of poverty and unemployment.


As of 2018, both deposits and loans & advances of microfinance banks (MFBs) reached an all-time high of N201.7bn and N200bn respectively.


Proshare Nigeria Pvt. Ltd.


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



Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.

READ MORE:
Related News
SCROLL TO TOP