Kayi App, an innovative pan-African digital payment platform has launched its operation to accelerate access to financial inclusion in Nigeria.
Speaking during the App launch in Abuja, Yunusa Mohammed, Managing director at Kayi, said that the App seeks to revolutionize the financial services landscape in Africa to fulfil the need for accessible, secure and customer-centred financial services that cater to the unique needs of Nigerians and Africans at large.
He noted that Kayi has obtained the necessary regulatory approvals to launch in Nigeria to accelerate access to financial inclusion by individuals and businesses in the country and beyond through secure, seamless and hassle-free transactions
In his remarks, Abdulganiyu Rufa’i, the product team lead, noted that the App aims to meet the needs of the country’s digital payment industry, by delivering core services and solutions such as instant digital payments for individuals and businesses.
According to him, the App would deepen financial inclusion and social banking for people in rural and semi-urban areas; as well as aid trade for exporters and importers across Africa and remittances, and investments for Nigerians and Africans in Diaspora.
He said, “The African fintech market is brimming with opportunities and Kayi App is poised to make a significant impact. With the vast majority of Africans unbanked and under-banked, we are confident in our ability to meet the growing demand for digital financial services across Africa.
In his remark, Bosun Tijani, the minister of communications, innovation and digital economy stated that the government has plans to leverage financial inclusion initiatives to bring more people into Nigeria’s formal economy.
According to him, promoting financial inclusion is a vital tool in alleviating poverty as it grants citizens access to financial tools, such as savings and credit. “You know, we are not a strong credit economy, even though we may not like it, in most developed societies, access to credit allows people to be able to access services that are critical to them so that they can manage their finances as well.
“Also, there is an opportunity for digital innovation as well because when people are financially included, it creates a chance for innovators and entrepreneurs to come up with new products and services that people can pay for. And by doing so we deepen the complexity of our economy, and this is how we become a great nation.
“This is why financial inclusion is extremely important. The other reason is that when individuals have access to banking services, they are less likely to resort to risky and informal financial practices. I’m sure you recognize that when people don’t have access to credits and financial services; they have to go take loans from people who would ask them to pay significant interest. And by doing so, they will continue to be in poverty.
“So, what we are launching today, in my mind as the minister of communications, innovation of digital economy, is a strong contribution to that mandate of inclusive growth because there can be no economic growth without financial inclusion,” he said.
The minister further said that driving financial inclusiveness in a country like Nigeria has become imperative as the majority of the population were entrepreneurs. For him, there’s no way the Nigerian economy can grow without entrepreneurs.
“When we have strong financial inclusion in society, it can foster entrepreneurship and growth of small-scale businesses because with it, they can easily gain access to credit and this can help them to grow their businesses, as they grow their businesses, they create job opportunities as well in society.
“For those of you who follow the trajectory of our GDP, you will recognize the fact that agriculture contributes significantly to our economy. Good financial inclusion will ensure that farmers have access to resources they need as inputs, another important reason why financial inclusion is important is the more people who can access financial services the higher financial literacy will be in our country.”