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Only collaborative approach by stakeholders would help achieve financial inclusion

By Juliet Umeh

In order to achieve the 95 percent target for financial inclusion by 2024 set by the Central Bank of Nigeria CBN, the MTN General Manager, Mobile Financial Services, Mr. Usoro Usoro has said that the country needs collaborative approach by stakeholders in the industry.

Usuro disclosed this during an interactive virtual session by The Economist Intelligence Unit titled: “State of Play: Fintech in Nigeria” sponsored by MTN Nigeria and Mastercard.

The webinar was hosted by the Managing Director, CT Productions, Camelia Oros and featured presentations by many thought leaders including Global Editorial Director, Irene Mia among others.

According to him, barely five years before 2024, we need a collaborative approach by stakeholders in the industry to ensure that all players can leverage their various assets to meet that target.

He said: “Relatively, Nigeria has more sophisticated products than many other countries on the continent. The challenge is in accessibility and how these products will not only improve convenience for the already banked but further drive inclusion while addressing how we can bring these last batches of 40 million customers that are traditionally excluded into the fold.

“Overall, I think we are in the right direction, and studies such as this serve the purpose of stimulating conversation that will provide solutions to the challenges we face as an industry.”

Usoro remarked, “Fintech and financial inclusion is an important area for MTN Nigeria. We always see ourselves as a company that drives economic growth and development everywhere we operate. Working with The Economist team and similar stakeholders to produce reports such as this stimulate debate and conversation around the challenges in the sector and how we can work together as an industry to drive our desired objectives.”

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