‘Identity Mgt Crucial To Achieving Financial Inclusion’

The managing director of HumanManager Ltd, Adekunmi Ademiluyi has stressed the imperative need for a well-defined Individual Identity Management System to achieve financial inclusion.

He spoke at the inaugural Nigeria Fintech and Financial Inclusion Roundtable. 

This pivotal event, which was held recently in Lagos, Nigeria, brought together a panel of esteemed experts to deliberate on the future of fintech and financial inclusion in Nigeria.

Nigeria’s progress towards achieving financial inclusion has been marked by significant strides, yet the country still falls short of its ambitious goal of getting 95 per cent of its population fully banked by 2024. 

According to EFInA, a UK government-backed firm dedicated to deepening financial inclusion in Nigeria, the percentage of adult Nigerians with formal financial services – including bank accounts, insurance, and mobile money – rose to 64 per cent in 2023 from 56 per cent in 2020. 

However, only 52 per cent of Nigerians have a bank account, and widespread poverty in Africa’s most populous country continues to hinder more comprehensive adoption.

Against this backdrop, the inaugural Nigeria Fintech and Financial Inclusion Roundtable was convened to explore innovative solutions and strategies for advancing financial inclusion in Nigeria.

The event featured different Keynote speakers and panellists including Adekunmi Ademiluyi, managing director of HumanManager Ltd.; Dr Agada Apochi, group managing director and chief executive officer, Unified Payment Services Limited;  Joy Utubo, head of group Communications, Security Exchange Commission; and (Dr) Umaru Kwairanga, group chairman, Nigerian Exchange Group.

During the event, Ademiluyi underscored the significance of identity in achieving financial inclusion, stating that, “Financial inclusion begins with identity. Once an individual’s identity is established, a financial account can be opened in their name. When individuals are integrated into an identity management system through fintech, their money can be securely circulated within the system, promoting greater financial inclusion and access.”

Ademiluyi further emphasised the need for collaboration between banks and fintechs, rather than competition, saying, “Initially, banks attempted to compete with fintechs, but they have since realised that collaboration is the way forward. By working together, fintechs can continue to reach out to individuals and facilitate account openings.”

In his keynote address, Dr. Agada Apochi stated that, financial inclusion is closely knitted with economic status and only those who are economically empowered can be financially included. “We cannot sustain the impact of financial inclusion without prioritising economic inclusion. Beyond achieving individual or organisational economic growth, we can lift millions of Nigerians out of poverty by including them economically and financially” he said.

The HumanManager managing director also described how, as an organisation, they play a major part in improving the welfare of people and their financial empowerment. “We offer freemium products on our apps that individuals can benefit from and learn to improve their welfare.”

The inaugural Nigeria Fintech and Financial Inclusion Roundtable, convened by Prince Cookey, publisher/editor-in-chief of Business Journal Media Group, proved to be a resounding success, fostering a collaborative environment where industry experts and stakeholders engaged in constructive dialogue and explored innovative strategies to drive financial inclusion in Nigeria.