Former senior executive at MTN Nigeria and the chief commercial officer at Itex Integrated Services Limited, Adekunle Adebiyi, has said rural areas must become the focus for Nigeria to achieve financial inclusion goals.
He spoke extensively on the impact of fintech and Nigeria’s financial inclusion goals, in a recent interview on Nigeria Info FM.
Adebiyi shed light on the role of fintech in the country’s financial inclusion strategy, and how a focus on rural distribution can help reach more unbanked Nigerians.
According to him, “fintechs work with traditional banks to improve the sustainability and accessibility of the services they offer to the public. Because of this, distribution is crucial if we are to reach Nigerians without bank accounts.
“Rural areas, where more unbanked people reside, must become the focus instead of metropolitan and semi-urban areas. As a country, we have made progress toward financial inclusion, but if we are to meet our goal, we must use financial technology.”
He added that rural communities continue to suffer as banks cut operational costs by reducing the number of ATMs and branches, focusing instead on getting more customers to embrace digital banking through smartphones.
He noted further that traditional banking and financial technology are not on either side of the divide; I see a convergence, saying fintech is about using technology to enhance the process of financing, making it easier, accessible and sustainable.
Citing example, he said, Itex has made buying electric bills easier; with a mobile device you can top up and pay for power without leaving the comfort of your home, that’s the effect of financial technology.
