Wednesday, November 07, 2018 7.00Am / Ottoabasi Abasiekong of WebTV
Stakeholders at the 2018 EFINA Nigeria
conference on financial inclusion, agreed that an effective identity management
system and the utilization of the payment service bank recently rolled out by
the Central Bank of Nigeria, will go a long way in scaling financial inclusion
in the country.
Panelists at the session which discussed
“How Can Financial Inclusion be Used as an Enabler of Inclusive Economic Growth
and Prosperity” identified the following as catalysts to reducing the
financially excluded index in Nigeria;
Literacy as a way of giving orientation to the children, youth and women on
the agent network to expand financial access points in the country
Biometrics through the BVN to reach out to the unbanked population in the
Digital financial services through the payment service banks, that will
integrate the telecoms firms, FMCGs amongst others into the ecosystem
- The need to
Invest in an effective Identity management system, that can give Nigeria scale
in its financial inclusion.
The Chairman of EFINA Nigeria in his
welcome address informed stakeholders that its three year strategy (2019-2021),
will focus on targeting the youth, women and Northern Nigeria that constitute
the majority of the financially excluded population in the country.
Furthermore in other to encourage the
Fintechs to come up with innovative solutions for financial inclusion, the
EFINA Chairman said a Challenge Fund has been established.
Representative of the Governor of the
Central Bank of Nigeria and Deputy Director, Development Finance of the Central
Bank of Nigeria Mr Osita Nwasinobi acknowledged the slow pace of growth in
financial inclusion, despite the 2020 plan that was rolled out in 2012.
Nwasinobi shared that the plan has been
revised to focus on five key areas namely;
- Expanding the Digital Financial Services in the
country, to accommodate more stakeholders in the ecosystem like the “Payment
- Providing a conducive market environment for market
players that seek to increase financial access to the unbanked
- Supporting the growth of “Shared Agent Networks”
across the country.
- Address KYC hurdles
- Adopt Cashless payment channels across the country.
Looking at the Indian example presented by Anup
Singh of Microsave, the Asian nation made progress in its Financial Inclusion,
through the following pillars;
- Universal access to banking
- Basic bank account with over draft facility
- Credit guarantee fund
- Micro-pension scheme
- Financial literacy program
Anup noted that with a clear vision and strategy in
place, India was able to scale through the hurdles.
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that discussed “How Nigeria can Reposition its Financial Incusion Priorities”
and “Opportunities for Innovation for Financial Inclusion in
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