By Modupe Gbadeyanka
A financial literacy initiative designed to drive financial inclusion growth in Nigeria has been unveiled by the Lagos Business School (LBS) and NowNow, a leading African B2B and B2C fintech company.
The LBS is embarking on this project through its Sustainable Inclusive Digital Financial Services (SIDFS). The fintech will use this programme to ensure smart financial planning and reach its customers, especially those who do not have bank accounts.
“We strongly believe that financial inclusion should be complemented by financial education. In this regard, we are excited to partner with the SIDFS of the LBS to provide financial literacy directly to Nigerians.
“Our partnership with SIDFS is critical to moving the financial inclusion needle to ensure citizens have the necessary knowledge and skills to use financial services,” the Partnership Director of NowNow Digital Services, Mr Lekan Akinjide, stated.
The Programme Lead at SIDFS, Olayinka David-West, disclosed that; “Since 2016, LBS’ Sustainable and Inclusive Digital Financial Services has supported the financial services ecosystem with rich evidence-based insights, particularly about women, youths, and rural dwellers, who are the most excluded groups.
“Research shows that financial literacy is a driver of financial inclusion and providing financial education can produce outstanding results in the quest to integrate excluded people into the formal financial system.
“We are excited to work with NowNow to improve financial literacy among Nigeria’s most excluded demography and look forward to the impact and outcome of our collective efforts.”
The LBS, with the support from Bill and Melinda Gates Foundation, launched the Sustainable Digital Financial Services Project in Nigeria in 20152016.
The initiative engages in research and advocacy projects with the goal of creating an inclusive ecosystem for financial services and understanding.
The SIDFS supports the development and promotion of sustainable solutions to Nigeria’s financial inclusion challenges and helps more Nigerians access financial services.
In partnership with SIDFS, NowNow will adapt the content into an easily digestible format for specific audiences. The fintech company aims to bridge the gap between the banking system and the unbanked population by providing educational content through different channels to raise awareness and establish financial inclusion.
NowNow’s mission is to deliver best in class financial services to SMEs, banking agents and consumers, and provide financial empowerment to Africans. The long-term partnership would be in phases with the initial offering focused on women before expanding to youths and then to other sub-categories.
The strategy to focus on women at the initial stage is informed by the statistics that they form a greater percentage of the financially excluded groups and are more excluded from the formal sector in comparison to the other groups.
Adedapo Adesanya