Financial regulators and operators have been asked to embrace the over 60 percent of the unbanked in the economy to allow for a balance in the urban and rural market which in turn reflets the Financial Inclusion (FI) generally clamored for.
Presenting her paper as a lead speaker at The Industry Summit/Awards, the third of its kind with the theme Financial Inclusion, Digital Payment & Challenges of banking the unbanked, Mrs Chizor Malize stressed that, embracing the 60 percent unbanked is the main purpose of Financial Inclusion.
In her presentation which was thorough and incitive, she said however we create an economic pyramid among the unbanked, one should be able to get to the last person at the bottom where poor and people in the rural areas represents about 60 percent; from the rich at the top and the middle class at the middle.
Specifically, she said that the United Nations has identified seven out of the 17 Sustainable Developmental Goals (SDGs) as itching towards the Financial Inclusion as such global markets and the indigenous companies are compelled to align with the goals.
“Financial Inclusion actually mandates us to pay great attention to the bottom of the pyramid which is over 60 percent untapped market,” she said.
Interpreting this, she said the seven SDGs represents almost 50 percent of the total SDGs.
Responding to making the FI free or at a cost, she said sustainability is what all organization should think about whether they like it or not. Even though the indigenous companies are not thinking of it, she said the global organizations are pushed towards it.
Besides setting up the goals she said systematically, organisations are being forced to create their reports around these goals, sustainability of giving back to the society.
Adding that sustainability does not mean make it free but grow it in a way that every single stakeholder is positively impacted and everybody grows together.
Lending his voice, Mr Akeem Salam representing the MD/CEO of 9 Payment Service Bank (9PSB) Mrs Branka Mracajac said FI is not about opening an account, it involves a lot of literacy, which will allow one to access fund with ease and access products that are cost effective.
Adding that collaboration should be embraced to help achieve the final goal which is FI for all. While regulators need to give more support and be more libra to bring more people into the financial net.
“FI might not be educated but should not in anyway deny them the ability to access fund. Centralized system will help to reduce this cost on the customers as it will be shared by all service providers,” he said.
The Group Head Retail Marketing and Analytic, Access BanK Plc, Mrs Chioma Afe on her part said to drive FI is to build trust. Stating that agency banking is the form for Access Bank.
“FI is not about collecting money but to also open account for the unbanked. The physical presence is needed even though the digital is doing a lot. FI is also about the last man, enabling every Nigerian to be involved in being financially inclusive”, she said.
Also present at the panel were Mr Okeme executive with System Spec and Mr Oti Ikubeyinde while Mr Mojeed Jamiu moderated the panelists.
