Data & Financial Inclusion | |
Data & Financial Inclusion | |
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Thursday, December 10, 2020 / 12:12PM / Ecobank /Header Image Credit: Ecobank
Managing
Director, Ecobank
Nigeria, Patrick Akinwuntan has said the biggest growth opportunities in
digital financial inclusion lies in the ability to combine the mobile phone,
cards, and agency banking services in the most cost effective and convenient
way to reach the citizenry on a sustainable basis. Akinwuntan, who made this
submission at the Ecobank-Vanguard Digital Financial Inclusion virtual summit
in Lagos on Tuesday explained that bank branches and ATM channels are cost
intensive to scale and less attractive to mass market financial service
providers. He said agency banking, Unstructured Supplementary Service Data
(USSD), mobile app, card services, including internet banking and chat bots
remain optimum channels for digital financial inclusion.
The
Ecobank Managing Director explained that digital financial inclusion entails
deployment of cost saving digital means to reach financially excluded and
underserved population with a range of financial services suitable to their
needs and delivered at affordable cost, noting that it offers lots of benefits
to all players in the value chain and also engenders wealth creation, drives
economic growth and sustainable development. Further, he observed that the
Nigerian financial inclusion trend has improved significantly, with exclusion
rate declining 15.7 per cent between 2008 and 2018.
"There
is sustained growth in digital financial inclusion, and it is largely driven by
customer changing demands; entrance of non-traditional players such as
Fintechs, Payment Service Banks (PSBs);
mobile services penetration and enabling regulatory environment. With the
introduction of mobile wallet Tier 1 accounts accessible with a phone number,
agency banking, micro-lending, mobile BVN, micro-insurance, cashless
policy and others we should now begin to move from poverty alleviation to
wealth creation for the citizenry. Further partnership and collaboration of all
stakeholders remains critical to deliver further growth in digital financial
inclusion. Ecobank has been committed to driving digital financial inclusion
through her pan Africa network advantage, award winning capabilities and
various flagship products and services. We collaborate with Fintechs in Africa,
as we are present across 33 countries in Africa. If you wish to bring your
innovation into the financial system, you can reach out to us and we will guide
you through the required regulatory requirements and then integrate your
innovation into our digital payments and financial system". He stated.
In
his presentation, Chief Executive Officer, 9mobile, Alan Sinfield, said though
the telecom operators are playing a vital role in financial inclusion of
unbanked and underbanked, collaboration and partnership of all stakeholders was
key to increase volume of digital transactions and mobile money activities. He
lauded CBN for granting licenses to
3 Payment Service Banks (PSBs), stating that the PSBs will further help
to drive financial inclusion and critically stimulate savings and investment as
more liquidity is mobilized from the informal sector to the mainstream
financial system that will translate to increased economic activities.
"Telcom
operators in Nigeria have a customer advantage that financial institutions
could benefit from to deepen their penetration. Banking started before
telecommunication, but there are more active mobile lines than active bank
accounts in Nigeria. A very key indication that we can achieve more through
collaboration". He stated.
Also
speaking, Director, Payment System Management, Central Bank of Nigeria (CBN),
Mr Jimoh Musa averred that financial inclusion is at the heart of the apex bank
as it has been playing active role though the strategy is for the whole
economy, stressing that the CBN is interested in the progress of financial
inclusion in Nigeria. He lauded Ecobank and Vanguard for providing the
platform to discuss financial inclusion to support the effort of making
financial services available to Nigerians. He disclosed that CBN is coming up
with other strategies in 2021 basically to enhance the operating environment
more conducive for every participant in the payment system with special focus
on Fintech. He added that the apex bank has done creditably well in agency
banking, mobile money operations, digital banking, industry cost to service,
and requirements of opening bank account to promote financial inclusion.
The
Ecobank Vanguard Digital Financial
Inclusion summit was designed to convene policy makers, operators, business and
thought leaders as well as industry professionals to chat the way forward
for the Nigerian digital financial landscape, specifically financial inclusion
for most citizens operating within the informal sector of the economy.
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