Wednesday, December 18,2019 / 7:27 PM / Nifemi Taiyese for WebTV / Header Image Credit: WebTV

With less than a month to the year 2020, thepossibility of Nigeria attaining the 80% financial inclusion target for itsadult population, constitutes part of the agenda of the Central Bank of Nigeria(CBN) and other players in the domestic financial services sector.

At the recent 2019 Accion Microfinance Bank FinancialInclusion Seminar, the Chairman of the Board, Accion MFB, Mr. PatrickAkinwuntan, in an interview with WebTV, gave his views on reducing theexclusion gap to 20% in 2020.

He identified four (4) pillars that have the potentialof driving Nigeria's financial inclusion strategy.

The Search forCollaboration

Mr. Akinwuntan emphasized active collaboration amongstthe various players in the eco-system from the Nigeria Inter-Bank SettlementSystems (NIBSS) Shared Agency Network Facility (SANEF), an agencyplatform of the Central Bank, to the Fintechs and Telcos.

According to Akinwuntan, the whole idea is to leverageon a shared basis framework the various digital platforms to deliver on themandate of financial inclusion to every household.

He noted that the CBN, through various initiatives andpolicies,  has moved the nation from 40% financial inclusion to over 60%.The Accion MFB Chairman said the whole idea was to combine efforts at achievingover 80% inclusion by 2020.

Akinwuntan agreed that adopting a shared digitalplatform from mobile phones, switches, credit bureaus, and the identificationinformation from BVNs of banks to Telcos was critical in supporting theefficiency desired for inclusiveness.  He made a case for the leveragingof all know-your-customer (KYC) information to deepen inclusion and stimulateactivities in the agriculture, health, creative arts and afew other sectors.

Speaking on the pillars for achieving financialinclusion, Akinwuntan gave thought to the following:

The Regulatory Pillar

For the regulatory pillar, the Accion MFB Chairmansaid the process has allowed for the establishment of tier 1 account, to theextent that people can open accounts from their mobile phones. He called forthe sustenance of regulatory collaboration that will have a positive impact onNigeria's financial inclusion drive.

The Digital Pillar

Akinwuntan called for collaboration between theTelcos, National Switches, Insurance Companies, Credit Bureaus, the NationalIdentity Management Commission and the Nigerian Immigration Service.

The focus here, according to him, was to bring theservices at the lowest cost in a sustainable manner through the digital pillar.

He made a strong case for leveraging APIs to deependigital financial services.

The Education Pillar

On Education, Akinwuntan stressed the need forinvestment in financial education to achieve the 2020 target.

From public enlightenment programs to media campaigns,stakeholders in the ecosystem should assiduously sensitize Nigerians to thebenefits of participating in the financial system.

He lauded the financial inclusion sensitizationprograms by the CBN but urged other organizations to join in expanding theenlightenment seminars/workshops and publicity across the nation.

The Security Pillar

As the nation goes digital in its financial services,reaching out to millions of unbanked Nigerians, investments in cyber-securitymust be given top priority by the stakeholders in the banking and Fintechecosystem.

As financial inclusion deepens in the country, Mr.Akinwuntan believed the systems, digital infrastructure and the personaldetails of people should be secure.

The National Security Architecture of Nigeria mustensure a robust cyber-security measure to guard against cyber-crimes that couldact as a disincentive to financial inclusion.

Financial Inclusion Rate

At the moment, Nigeria's financial inclusion rate is63.2% and would require an additional 16.8% to hit the 2020 target of 80%.

Major areas to deepen financial exclusion in thecountry include;  the North-West and North-East regions, Women, Youth andRural communities.

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