Technical Advisor to the President on Economic and Financial Inclusion, Dr Nurudeen Zauro, has said only six per cent of Micro Small and Medium Enterprises (MSMEs)access financial credit.Dr. Zauro spoke during Nigerian Economic Summit Group (NESG) pre-30 summit (#NES30) webinar.He stressed need for interventions and praised the administration’s commitment to financial inclusion......See Full Story>>.....See Full Story>>
NESG board member, noted that the financial services ecosystem is expanding, saying with a population of 220 million, the nation boasts 33 deposit money banks, 887 microfinance banks, and 291 fintech startups.According to him, mobile phone usage reached 93 per cent (103 million) in 2023, with 83 per cent adults using digital financial services, up from 60 per cent in 2020.
He regretted, though, that despite these, cash remains the predominant means of transaction.
“Financial inclusion is key to improving economic access and reducing poverty,” Akinbo said.National President of Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), Fasasi Atanda, spoke on how mobile platforms transform financial transactions but raised concerns about increasing fraud.He outlined AMMBAN’s efforts to partner security agencies to combat fraud and promote grassroots financial inclusion through Neighbourhood Financial Inclusion Centres.
Chair of Committee of E-Banking Industry Heads, Ajibade Laolu-Adewale, urged improved collaboration to fight fraud.Furthermore, Chair of Committee of Heads of Bank Operations (CHBO), Abraham Aziegbe, reiterated collaboration to achieve financial inclusion, citing lessons from naira redesign.He emphasised importance of stakeholder responsibility in supporting adoption rates..