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Financial Inclusion in Nigeria will be Driven by Fintech - Moniepoint

Financial Inclusion in Nigeria will be Driven by Fintech – Moniepoint

To enhance the provision of financial services to the poor and unbanked in Nigeria, a payment company, Moniepoint has noted that financial inclusion will be driven by fintech.

The Head of Partnerships at Moniepoint Inc., Efemena Ogie, who stated this at a Fintech Forum organized by the Nigeria Information Technology Reporters Association (NITRA) in Lagos said that has the potential to play a major role in addressing this problem by making financial services more accessible and affordable for those who need them most.

Findings by Business Remarks revealed that Nigerians with Bank Verification Number (BVN) are about 58.7 million as of September 12, 2023.

Speaking during the panel presentation, Ogie added that more innovations are coming into the payment space in Nigeria, especially with the ongoing implementation of the Central Bank of Nigeria’s Payment System Vision 2025.

Furthermore, he stated that there is massive market space in Nigeria for more fintech willing to drive financial inclusiveness and disrupt the financial space.

According to Ogie, collaboration and massive competition will always drive efficiency and world-class customer experience.

To drive financial inclusion in Nigeria, he also charged innovators and partners in the fintech space to create viable business models, develop products and solutions to serve the underbanked and unbanked areas in Nigeria.

Ogie stressed that the Nigerian payment space has not been saturated as believed by other experts. This, he said while comparing the total population of Nigerians and the number of active mobile subscribers with the number of Nigerians with BVN.

Sharing the same view, the new Executive Vice Chairman of the Nigerian Communications Commission (NCC), Maida said fintech has the potential to deepen the existing payment and financial system infrastructure to reach unserved and underserved areas and further stimulate economic growth.

In his speech, the EVC said Fintech is revolutionizing Nigeria’s financial ecosystem as it represents a positive disruption to the conventional financial system. Maida stated that financial technology’s emergence to leverage technology to enhance financial services such as mobile banking, borrowing, investment, and cryptocurrency, comes as an enhancer and enabler of business and other opportunities in the sphere of innovation, job creation and investment that further stimulates economic growth.

The EVC stated that fintech applications such as robo-advisors, payment apps, peer-to-peer (P2P) lending apps, investment apps, and crypto apps, among others, create business opportunities for individuals. He also stated that the adoption of these Fintech applications for socioeconomic gains by the youth, who account for 70 per cent of Nigeria’s population, will add value to the economy.

Maida recalled recent industry statistics citing active subscriptions across mobile networks in Nigeria, which hit 220.7 million in August 2023, to demonstrate that the Nigerian Fintech ecosystem can offer an array of financial services to telecom subscribers.

About Bukola Olanrewaju

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