The United Kingdom’s Enhancing Financial Innovation & Access (EFInA) held a financial services conference recently. The conference was titled ‘Powering Financial Inclusion Through Fin-tech’, and it took place at the ZoneTech Park in Gbagada, Lagos.
Dayo Ademola gave an overview of the Nigerian fin-tech landscape. He also talked about their business concerns and the strategic partners who are helping them attain their objectives.
Stephen Ambore – head of Digital Financial Services at the CBN – spoke and highlighted the role of the banking regulator in improving financial inclusion. According to him, the CBN has done quite a lot to deepen financial penetration.
Financial inclusion today is a big deal. Statistics show that over 36 percent of Nigerians lacks access to basic financial services. Furthermore, millions of others with banking services are getting access to less financial services offerings than they should.
“There’s a commitment from the CBN to increase the number of financially included people from 48% to 83% by 2020,” Ambore said. However, he noted that there are rules and regulations that still hinder fin-techs from fully thriving.
Startups like Social Lender, Riby Finance, and Capricorn Digital collectively won a $2 million grant under the growth stage category. Also, CredPal, Extramile Africa and SmartTeller collectively won another $2 million grant under the startup category.
According to EFInA, these companies have built and are working to grow solutions to improve financial inclusion among low-income earners in Nigeria.