Monument Group, a top tier Nigerian conglomerate active in the Energy, Fintech and Real Estate sectors, has announced its plans to support the CBN’s priority objective of significantly
reducing the unbanked population in the country through Wayya.
The company intends to
leverage its deep experience in providing various services to those outside the banking system
to drive its financial inclusion initiative.
Commenting on the initiative, Mr. Faiz Imam, a Director of the group, said he was confident that the new venture will help address the persistent
challenging financial exclusion that the country is grappling with.
According to Faiz Imam, “I
believe in Wayya’s capacity to provide the financial technology service solutions required to address the challenges of financial exclusion in Nigeria, particularly in rural areas where access to financial services is almost non-existent.
“This should not be the case, considering the proliferation of mobile devices and increasing accessibility of internet services. I am positive that the Management of Wayya will take advantage of the vast agent network that it has access to create a tangible impact in this important sector.”
Speaking on the prospects of the new business, Imam lauded the efforts of Wayya to address exclusion of large swathes of the population from the financial ecosystem.
Mr. Imam said, “I am very pleased with the development so far, and as such, expect our consumers to accept the product because we plan to bridge the gaps and ensure that services
and technology are properly localized not just for the country but for every subset of the national market. We will also continue to innovate based on user experience to ensure our platform and services reflect what users desire.”
Although there has been a slight improvement on financial inclusion in Nigeria over the years,
recent surveys indicate that a whopping 40% of the Nigerian population is still financially
excluded. Adults in Northern Nigeria continue to be significantly more financially excluded than
those in the Southern region. Furthermore, rural adults are more excluded than those in urban
Wayya is committed to meeting the financial service needs of these critical demographics and by extension helping to achieve the objectives set out in the National Financial Inclusion Strategy (NFIS) formulated by the Central Bank of Nigeria (CBN).
Wayya is committed to connecting everyone to the world through agent banking.
The Wayya platform is designed to help customers with ease of cash deposit, withdrawals, bill payments
and airtime purchase, etc.
With a strong agent network across Northern Nigeria, Wayya has leveraged its vast local knowledge and deep understanding of the informal sector in coming up with unique solutions that are tailored towards addressing the challenges of financial exclusion