Akinwuntan made this submission at the Ecobank-Vanguard
Digital Financial Inclusion virtual summit in Lagos on Tuesday.
He explained that bank branches and ATM channels are cost
intensive to scale and less attractive to mass market financial service
providers.
He said agency banking, Unstructured Supplementary Service
Data, mobile app, card services, including internet banking and chat bots
remain optimum channels for digital financial inclusion.
The Ecobank Managing Director explained that digital
financial inclusion entails deployment of cost saving digital means to reach
financially excluded and underserved population with a range of financial services suitable to their needs and
delivered at affordable cost, noting that it offers lots of benefits to all
players in the value chain and also engenders wealth creation, drives economic
growth and sustainable development.
Further, he observed that the Nigerian financial inclusion
trend has improved significantly, with exclusion rate declining 15.7 per cent
between 2008 and 2018.
Akinwuntan said: “There is sustained growth in digital
financial inclusion, and it is largely driven by customer changing demands;
entrance of non-traditional players such as Fintechs, Payment Service Banks
(PSBs); mobile services penetration and enabling regulatory environment.
“With the introduction of mobile wallet Tier 1 accounts
accessible with a phone number, agency banking, micro-lending, mobile BVN,
micro-insurance, cashless policy and others we should now begin to move from
poverty alleviation to wealth creation for the citizenry.
“Further partnership and collaboration of all stakeholders
remains critical to deliver further growth in digital financial inclusion.
“Ecobank has been committed to driving digital financial
inclusion through her pan Africa network advantage, award winning capabilities
and various flagship products and services.
“We collaborate with Fintechs in Africa, as we are present
across 33 countries in Africa.
“If you wish to bring your innovation into the financial
system, you can reach out to us and we will guide you through the required
regulatory requirements and then integrate your innovation into our digital
payments and financial system.”
In his presentation, Chief Executive Officer, 9mobile, Alan
Sinfield, said though telecom operators are playing a vital role in financial
inclusion of unbanked and underbanked, collaboration and partnership of all
stakeholders was key to increase volume of digital transactions and mobile
money activities.
Sinfield lauded the Central Bank of Nigeria for granting
licenses to three Payment Service Banks, adding that the PSBs will further help
to drive financial inclusion and critically stimulate savings and investment as
more liquidity is mobilized from the informal sector to the mainstream
financial system that will translate to increased economic activities.
He added: “Telcom operators in Nigeria have a customer
advantage that financial institutions could benefit from to deepen their
penetration.
“Banking started before telecommunication, but there are
more active mobile lines than active bank accounts in Nigeria.
“A very key indication that we can achieve more through
collaboration.”
Also speaking, Director, Payment System Management, CBN,
Jimoh Musa, averred that financial inclusion is at the heart of the apex bank
as it has been playing active role though the strategy is for the whole
economy.
Musa said the CBN was interested in the progress of
financial inclusion in Nigeria.
He lauded Ecobank and Vanguard for providing the platform to
discuss financial inclusion to support the effort of making financial services
available to Nigerians.
He disclosed that CBN is coming up with other strategies in
2021 basically to enhance the operating environment more conducive for every
participant in the payment system with special focus on Fintech.
He added that the apex bank has done creditably well in
agency banking, mobile money operations, digital banking, industry cost to
service, and requirements of opening bank account to promote financial
inclusion.
The Ecobank Vanguard Digital Financial Inclusion summit was designed to convene policy makers,
operators, business and thought leaders as well as industry professionals to
chat the way forward for the Nigerian digital financial landscape, specifically
financial inclusion for the vast majority of citizens operating within the
informal sector of the economy.
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