Identity Mgt. Crucial to Achieving Financial Inclusion, Experts Say

Omolabake Fasogbon

Proper capturing and management of Nigerians’ identity has been considered a viable step towards achieving 95 percent financial inclusion target before the end of 2024.

Speaking at the inaugural Nigeria Fintech and Financial Inclusion Roundtable in Lagos, recently, Managing Director of Human Manager Ltd, Adekunbi Ademiluyi, maintained that identity capture was a sine qua non for financial inclusion, noting that collaboration between banks and fintechs was necessary to deliver set target. 

Quoting report by Enhancing Financial Innovation & Access (EFInA), Ademiluyi, expressed concern that with only 52 per cent of Nigerians owning bank accounts, the challenge of poverty was not subsiding soon. 

He frowned at the unhealthy competition that existed between banks and fintechs, saying it was a drawback to financial inclusion goal. 

“Before now, 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.

“They are also able to unlock new opportunities, drive innovation and ultimately deliver better financial service to customers,” she added.

“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,” she said further.

According to the organisers of the roundtable and Publisher of Business Journal Media Group, Prince Cookey, the meeting was convened to explore innovative solutions and strategies to advance financial inclusion in Nigeria.

In his keynote address, Dr. Agada Apochi stressed the need to achieve economic inclusion to enhance and sustain gains of financial inclusion.