Wednesday , September 28 2022
40% Nigerians Suffers Financial Exclusion, Underbanked

9PSB, Others Advocate Stakeholders Collaboration as 40% Nigerians Suffers Financial Exclusion, Underbanked

About 40% of Nigerian Population are financial excluded while many remains underbanked, financial experts has said.

In a bid to find a lasting solution to this, Nigeria’s pioneer Payment Service Bank, 9 Payment Service Bank (9PSB) has reiterated that collaboration among operators, players and regulators in the financial services sector is critical to boosting Nigeria’s financial inclusion drive for both the underbanked and unbanked.

The digital bank made the assertion alongside other industry players in the financial services sector at the 3rd edition of The Industry Summit sponsored by 9PSB.

Speaking at the event themed, “Financial Inclusion, Digital Payment and the Challenges of Banking the Unbanked”, the Head, Products and Innovation, 9PSB, Akeem Salam emphasized that for effective financial inclusion to happen, there must be a concerted effort by all stakeholders in the sector to work together to improve ease of access to financial services.

According to him, though Nigeria is beginning to witness a noticeable effort in the drive to bring on-board everyone into the financial ecosystem, inclusion is still grossly low, with about 40% of the population either excluded or underbanked. “There is still so much to be done to close this gap and industry players need to find common ground to innovate and deploy strategies particularly around financial literacy and education. At 9PSB, we are committed to partnerships and collaborations that create value and ease for users,” he stated.

Click To Read: Financial Exclusion to Shrink in 2021 as 9PSB Moves to Reach 6million Unbanked Nigerians in One Year

In her presentation, the Chief Executive Officer, Financial Training Institution Centre, (FITC), Chizor Malize while delivering the keynote speech, called for operators to pay close attention to creating financial solutions that meet the needs of the critical mass for which financial inclusion matters.

According to her, “Financial inclusion is the ability to deliver financial services at a cost-effective rate to the unbanked and the under-banked.”

Reaffirming the need to build synergy within the industry ecosystem to drive real impact, she stated “stakeholders must work together to provide low-cost and easy-to-understand products and services for consumers, work on building absolute transparency on bank charges, ensure that services are accessible and there are quick issue resolutions in the case of transactions failure. These are salient to build trust”.

In his remarks, the convener of the summit, Goddie Ofose, commended 9PSB for supporting this year’s event, stating that it reflects the bank’s commitment to promoting initiatives that further the drive for financial inclusion of all Nigerians. “The outcome of today’s discussions will contribute greatly to the Central Bank’s drive for financial inclusion in Nigeria.” he said.

The Industry Summit is an annual event that converges thought leaders across industries to discuss and proffer solutions to issues within the industry of focus. This year’s event brought together thought leaders in Nigeria’s financial sector to rev up conversations on deepening financial inclusion and proffering solution to the challenges of banking the unbanked.

About Bukola Olanrewaju

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