Eli Hini, the chief executive officer of MoMo Payment Service Bank, says that the mobile money operator will invest in financial education, mobile device financing, and other financial solutions, to bridge the financial inclusion gap in Nigeria.
He stated this at the MoMo Stakeholder Forum held in Lagos to commemorate the first anniversary of the Payment Service Bank in Nigeria.
Eli, having identified financial illiteracy as one of the barriers to financial inclusion, explained that “financial literacy is key in the drive for financial inclusion.”
“This is why we are committed to investing in customer education to ensure people understand basic financial solutions and are able to use them to improve their lives.
“This also includes sensitisation to help people understand the value of having access to financial solutions and the impact it has on the quality of their lives”, he added.
Eli, notes that MoMo PSB “intends to invest in the provision of mobile phones to rural locations to help improve access to phones which will enable us to provide financial services to our rural communities.”
He also said that MoMo’s large spread in Nigeria would ensure that customers without the luxury of having financial institutions in close proximity can also be financially included.
“Limited access to traditional financial institutions is also what institutions like MoMo PSB will address because of our deep distribution and penetration into the rural areas. We believe that we can extend financial solutions to all Nigerians to bridge that gap”, he added.
Themed, “Addressing the Barriers to Financial Inclusion and Cashless Payment in Nigeria”, the MoMo PSB Stakeholder Forum pulled together industry heavyweights to discuss a way forward for financial inclusion and cashless payments in Nigeria.
The focus was on exploring the current landscape of financial inclusion in Nigeria, highlighting key advancements, addressing challenges and exploring strategies for the future. The forum also presented MoMo PSB with the opportunity to share some of the fintech’s efforts in driving financial inclusion.
At the forum, a panel of industry experts shared their experiences, expertise and visions, shedding light on the industry’s progress, and discussing innovative approaches to drive further inclusivity.
Speakers on the panel included the CEO of MoMo PSB, Eli Hini CEO of MoMo PSB; Iyinoluwa Aboyeji, Founding Partner, Future Africa; Kayode Olubiyi, Group Head, Digital Banking, UBA; Agada Apochi, CEO of Unified Payments; and Henry Obiekea, MD of FairMoney.
Also present at the stakeholder event was Hakeem Fahm, Lagos State Commissioner for Science and Technology, who spoke on some of the ways the state promotes cashless transactions and the importance of collaboration between the public and private sectors to drive financial inclusion.
“In Lagos state, we have adapted how we do business to ensure that we embrace cashless payments in most of our transactions, from transportation to paying for government services. If you look around you today, we have adopted a multi-modal transport system from boats to rails, to buses. We have adopted the cowry card, a payment system you can use for any of our transportation channels.
“There is also an opportunity for the private sector to collaborate with the Lagos state government in extending this mode of cashless payments across our other transportation systems like mini buses”, he said.
Speaking on the thinking behind the stakeholder conference, Eli recognised the importance of collaboration in achieving set goals, stating that the stakeholder conference is designed to serve as a platform for forward-thinking conversations on the state of the industry and for key stakeholders, comprising industry players, the regulator, government officials, to provide solutions to the challenges affecting financial inclusion and cashless payments in Nigeria.