fbpx
Founder Institute Lagos Founder Institute Lagos Founder Institute Lagos
  • Home
  • About
  • Partners
  • Advertise
  • Contact
  • Signup to receive updates
Innovation | Startups | Funding | Tech Blog in Africa
Advertisement
  • Home
  • Startups
  • Hubs
  • Funding
  • WomenTech
  • CleanTech
  • Blockchain
No Result
View All Result
  • Home
  • Startups
  • Hubs
  • Funding
  • WomenTech
  • CleanTech
  • Blockchain
No Result
View All Result
Innovation | Startups | Funding | Tech Blog in Africa
No Result
View All Result
Home Media Tech Trends (Channels TV)

Tech Trends: How Nigeria can bridge the Financial Inclusion Gap- Ezinne Obikile

by Chukwuemeka Fred Agbata Jnr
2021/03/29
in Tech Trends (Channels TV)
Financial inclusion - techbuild
Share on FacebookShare on Twitter
Tweet
Share
Share

Financial inclusion has been regarded as one of the most critical drivers of economic growth especially as access to financial services has been proven as a means of empowering people in various ways.

Over the past few years, financial technologies have gained prominence in the African continent particularly Nigeria as an effective tool to bridge the financial inclusion gap.

This has brought about an increase in consumer adoption of fintech solutions and attracted numerous investments.

Despite the strides, however, more needs to be done in the area of beefing up financial literacy campaigns such that individuals not only have access to these financial products and services but are able to convert them to improve their financial status.

RelatedPosts

Tech Trends: Expert advocates Collaboration with Innovation Hubs & Govts

Tech Trends: Maximizing Potentials for Sustainable Development through AI

Tech Trends: How Tech is affecting the Legal Profession

Tech Trends: Exploring the Untapped Markets in e-Sports & e-Gaming

In my recent chat with Ezinne Obikile, the Executive Director at SystemSpecs on Tech Trends show, she shares how Nigeria can deepen financial inclusion.

CFA: Ezinne, glad to have you on the show today.

Ezinne: Thanks Fred for having me.

CFA:  Let’s start with the understanding of how Nigeria has fared in trying to reach the unbanked.

Ezinne: Over the years the Central Bank has implemented various policies and regulations to improve financial inclusion. I remember that in the 2016 review of the National Financial Inclusion strategy, the targets of 80% inclusion 2020 were reached.

However, this was again revised to 95% inclusion by 2024.  Although official statistics are not out yet on what the numbers are as of 2020, going by what NIMC has published about 46 million BVNs enrolled as of February 2021.

One can safely assume that almost 54 million Nigerians still do not have bank accounts. The official survey that EdFina carried out as of 2018 put the financial inclusion rate at 63% – an improvement from 58% that it was as at 2016.

Even at that, if you consider what other African countries are doing that looks very very pale.  Kenya has about 85% financial inclusion and South Africa has 90% so from that perspective we can clearly see that a lot still has to be done in the area of financial inclusion.

CFA:  What are some of the factors that you think are affecting the growth that we should have witnessed in reaching the unbanked?

Ezinne: There are several factors really but I’ll just touch on a few. The first one is that we don’t have enough Bank branches, let’s face it.

It cost money to set up a bank Brunch and we don’t have so many of them in the rural areas.  again with the licensing of Mobile Money Operators, one would have thought that we would have moved a bit more rapidly than we have now.

Then again that MMOs prefer to operate in urban cities you hardly find enough in the rural areas.

You can watch the full interview here.

Join @techbuildafrica on Telegram
Tweet
Share
Share
ShareTweetShareSendShare

Subscribe us

Recent Posts

  • Nigerian SMB? Apply for Google Hustle Academy Fund (₦75 Million)
  • AI for Health: 5 African Companies make Google for Startups Growth Academy Selection
  • CFA urges Positive Narratives for Anambra as Wikimedia Anambra Network celebrates One Year
  • CIC partners ChipLab to drive Nigeria’s Microchip Industry
  • Root secures $1.5M from Invenfin to accelerate Expansion Plans
  • AfriLabs Annual Gathering 2023: Key Players set to Drive Africa’s Digital Economy
  • Unlocking Socio-Economic Progress: Early-Stage VC in South Africa
  • Young Nigerian Innovator? Apply for IMC Go-to-Talent Challenge ($10K)
  • NiRA announces Voting for the 2023 .NG Awards: Celebrating Excellence in Nigeria’s Digital Community
  • Anambra ICT Agency MD to Keynote Bossladylaw Business Challenge
Innovation | Startups | Funding | Tech Blog in Africa

© 2013-2021 techbuild.africa. All Rights Reserved.

Navigate Site

  • About
  • Contact
  • WE-Forum
  • Privacy
  • Sitemap
  • Terms
  • Blockchain
  • CleanTech

Follow Us

No Result
View All Result
  • Home
  • Startups
  • Hubs
  • Funding
  • WomenTech
  • CleanTech
  • Blockchain

© 2013-2021 techbuild.africa. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In