Odetola Hinges Successful Financial Inclusion in Nigeria  on Collaboration

Ebere Nwoji

The Chief Executive Officer of aYo Nigeria, a subsidiary of aYo Holdings, Africa’s emerging microinsurance fintech,  Kayode Odetola, has said that collaboration was critical to deepening financial inclusion in Nigeria.

He made this assertion during a panel session on ‘Nigerian Fintech so Far: Assessing Trends, Opportunities & Obstacles’ at the second edition of the Nigeria Fintech Forum, held in Lagos. 

The forum has the theme, “Reimagining the Future of Financial Inclusion in Nigeria: Examining the Role of Banks, Telcos and Fintechs.”

Odetola, who emphasised the significance of leveraging technology to empower marginalised communities and bridge the insurance gap in Nigeria, stressed that exploring innovative solutions backed by technology could give  birth to  growth required in bridging the financial inclusion gap especially as about 40 percent of Africans remain unbanked.

He highlighted aYo Nigeria’s vision, in partnership with Sanlam, as to empower underserved and vulnerable communities by providing access to a range of tailored insurance products that meet their specific needs.

“Bespoke financial and insurance solutions can become the enabler for underserved communities in our quest to achieve financial inclusion. With this understanding, we partnered with Sanlam to launch a Recharge with Care product that enables Nigerians to purchase Life and Hospitalisation cover for as low as N125 per month. The product offers beneficiaries benefits of up to N2,500 per night payable in the event of hospitalisation due to accidents or illness, and up to N100,000 in the event of any death of the policyholder, “he said.