Industry experts in the financial sector have said that over 50 percent of Nigerians being active on the internet, and other digital channels provides an opportunity for Microfinance Banks (MfBs) as an industry to leverage in driving financial inclusion.
They said big data which is similar to today’s oil can help the industry with insights into customers’ patterns and behaviours.
Speaking at the 5th annual financial inclusion seminar organised by Accion Microfinance Bank in Lagos, Patrick Akinwuntan, former managing director, Ecobank Nigeria, said data allows you to have information mined properly; provides insight into patterns, behaviors, preferences, fears, historical occurrences.
“This will help you to use it to project the future and more importantly, put together products and services that will help the customers achieve their objectives and solve problems,” he said.
According to Akinwuntan, by leveraging the National Identification Number (NIN), Bank Verification Number (BVN) and mobile phone numbers, it should be very fast for every adult Nigerian to become financially included.
“The seminar shows the commitment of Accion to ensure that all Nigerians are financially included.”
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He also said MfBs can leverage credit bureaus and registry to understand the credit assessment; risk assessment of their customer and must be able to use that profile to grant easy access to loans.
“Nigerians are hardworking people who just need support to scale their business. Somebody who is doing a business of up to N100,000 in one week wants to move to the level of N100,000 in one day and then move up to the level of one million naira a day,” Akinwuntan said.
Taiwo Joda, managing director and chief executive officer at Accion MfB added MfBs cannot digitise above the experience or knowledge, hence banks have to provide several channels to meet customers’ needs leveraging big data.
According to him, big data has emerged as a critical touch point in determining customers’ behaviour, needs and preferences.
“But, more than ever it’s coming to the fore that that’s the way to go if you want to gain customer loyalty and if you want your customer to refer other customers to you”.
“Accion MfB has been using big data to understand its customers’ needs and wants, and how to better serve the customers. We are investing in deepening its digital department to develop newer products that directly address its customers’ needs,” Joda said.
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