Odiri Oginni, managing director and CEO of United Capital Asset Management Limited has said collaboration among stakeholders is essential to scale up the industry and reach underserved populations toward financial inclusion.
She said this at the recent United Capital’s inaugural investment forum held in Lagos.
“Collaboration among stakeholders is essential to scale up the industry and reach underserved populations. By integrating CIS into their product offerings and distribution channels, financial institutions can expand their reach and attract new investors.”
The event served as a crucial platform for industry stakeholders to engage in a much-needed discourse on advancing financial inclusion.
Themed ‘Deepening Financial Inclusion through Participation in Collective Investment Schemes: A Collaborative Approach,’ the forum addressed emerging trends, challenges, and opportunities in the financial landscape with a focus on driving greater retail participation in Collective Investment Schemes (CIS), specifically mutual funds, to enhance financial access for all.
She noted the immense growth potential in Nigeria’s CIS industry but expressed concern about the low penetration rate compared to other countries.
Delivering the keynote speech at the forum, Lamido Yuguda, director-general of the Securities and Exchange Commission (SEC), represented by Dayo Obisan, executive commissioner of Operations at SEC also noted the critical need for increased retail participation in the capital markets, citing that despite the progress made so far in advancing financial inclusion across Nigeria, less than five percent of Nigerian adults currently invest in the capital market, underscoring the urgency for collaborative efforts in this endeavour.
Peter Ashade, Group CEO of United Capital, in his remarks on the inspiration behind the forum, highlighted the timeliness of the dialogue in light of the current economic landscape.
He said the timing of the conversation is particularly suitable given the prevailing economic landscape.
“At United Capital, we are steadfast in our commitment to advancing financial inclusion, which is our reason for putting this together. We hope that this forum catalyzes collaboration within the financial services sector, ultimately contributing to establishing a more inclusive financial ecosystem and fostering sustainable wealth creation for all,” Ashade added.
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