The Chris Ogunbanjo Foundation and Cranium One supported by NEXUS Nigeria co-hosted an event to discuss the importance of financial inclusion and the benefits of adopting it as individuals and an organization.
The event was anchored by The Chris Ogunbanjo Foundation’s Head of Private Enterprise and founder of Cranium One, Olaotan Towry-Coker.
Mrs. Modupe Ladipo, Managing Partner of Prospera Consulting and a financial inclusion expert spoke at the event, highlighting reasons why a high percentage of Nigerian adults do not have bank accounts .Some of these factors that has caused some many Nigerian adults to be financially excluded are a high level of Illiteracy amongst Nigerian adults, distance of banks from prospective customers, unemployment, fear of inaccessibility of funds in case of emergencies, gender gap and bank charges. She suggested that Nigerian banks should research on the needs of their customers, regulate their policies and requirements to accommodate all citizens and help them understand the benefits of saving their money in banks.
Ms. Lehlé Baldé of Business Day emphasized the use of media to inform the public about financial inclusion and its importance in Nigeria. She spoke about a radio show called “Financial Inclusion Today” which her organization commenced last year. The show which airs every Tuesday on Rhythm FM brings together policy makers, stakeholders and other people in the financial space including the Central Bank of Nigeria and various regulators to discuss financial inclusion.
Ms. Lehlé advised that for financial inclusion to be truly all inclusive, it is important to encourage employed staff; including domestic workers, to have bank accounts. She stated that financial inclusion in Nigeria is not necessarily the responsibility of regulators or the government but that individuals should work towards the financial inclusion of the people around them.
Mr. Iheanyi Ononiwu and Mrs. Uche Ben-Uzoebo, representatives of Diamond bank shared on the impact of the bank in financial inclusion and their strategy to bridge the gender gap by providing a banking scheme mainly targeted at market entrepreneurs and traders especially women who save regularly, leveraging on the services of “Alaajo” and “Esusu” programs.
Target audience of the event were family foundations, financial institutions, next generation, non-governmental organizations and the social sector.
