By Adedapo Adesanya
As part of its efforts to drive financial inclusion in line with the federal government’s goal of 95 percent financial inclusion rate by 2024, top financial institution, Stanbic IBTC Holdings Plc, has affirmed that it is deepening its reach through the informal sector.
This was disclosed by Mr Wole Adeniyi, the Executive Director, Personal and Business Banking, Stanbic IBTC Bank at a masterclass session at the Social Media Week (SMW) in Lagos tagged Tech and Financial Inclusion.
According to Mr Adeniyi, the bank is working effortlessly with new services that will help overcome the challenges of bringing the financially excluded, especially the informal sector, into financial inclusion fold.
“Stanbic IBTC Bank PLC is driving financial inclusion through value-added services and our @ease wallet, one of the platforms we have created to reduce friction and ensure that customers get access at scale.
“When you open it, within two minutes, you are able to access a broad range of financial services,” he said.
He revealed that the partnership of the parent company of Stanbic IBTC Holdings PLC, Standard Bank Group, with Founders Factory Africa (FFA) in a bid to deepen financial inclusion in Africa had invested in five fintech startup businesses selected from Nigeria, Ghana, Kenya, and Uganda.
He established that the partnership is bent on building and scaling 140 tech-based startups for global networking and partnership opportunities.
Also, present at the event was Mrs Nkemdilim Begho, Founder and Managing Director, Future Software Resources Limited, who shared insights on the need for banks, fintech companies, and stakeholders to bridge the gap between the financially excluded, especially the underbanked and unbanked, by providing unique financial products and services.
On his part, Mr Femi Omogbenigun, MD/CEO, 3Line Card Management Limited, advised stakeholders to adopt technology in their operations because data has shown that in order to achieve Nigeria’s financial inclusion target of 2024, technology will play a major role.
Speaking on the role of driving financial inclusion through financial literacy, Mrs Dayo Ademola, Head of Innovation, Enhancing Financial Innovation and Access (EFInA) said communication was an important tool that financial stakeholders can leverage to deepen financial inclusion, specifically for the people in rural areas.:
“Without the citizens getting fully abreast of the need to be financially included, it will be difficult to meet up with the CBN target,” she said.
The SMW Lagos is a week-long conference aimed at creating opportunities for Africa’s most innovative minds. The event also provides ideas, trends, and insights for professionals in business, marketing and technology.
It kicked off on Monday, February 24, 2020 at Landmark Centre, Lagos.
Aduragbemi Omiyale