CWG Plc, a leading cloud services provider, has highlighted some of the initiatives and technological innovations which it developed to key into Nigeria’s financial inclusion policy driven by the Central Bank of Nigeria (CBN).
Highlighting these initiatives in an interview, Abayomi Olumo, Business Director, FSI at CWG Plc, said that in line with CBN’s financial inclusion agenda, the company has developed world-class cutting-edge solutions that will help to bring this vision to reality.
According to him, these initiatives range from ATM AAS to POS solutions, and so far the company has been able to implement the successful installation of over 4000 ATMS and the management over 2500 ATMs for banks across Africa.
He also pointed the CWG’s Finedge solution, a solution that helps advance the Microfinance industry in Nigeria and Vericash, a banking software that delivers a robust and unified Pan African mobile solution such as mobile banking, mobile wallets, and POS in the Financial Services Industry space will aid this cause.
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“Apart from having and deploying these solutions targeted at pushing financial inclusion, we have started pushing other solutions that cut across commercial banks, Stockbrokers, mobile money providers, asset management, insurance, and PFAs, all in a bid to key into the CBN’s financial inclusion policy,” he disclosed.
Abayomi also disclosed that CWG is presently providing cloud services and software solutions to over 60 percent of all financial institutions in Nigeria and has successfully implemented and supported Finacle, which is the foremost core banking application for most Nigerian banks.
He argued that the financial inclusion drive has been identified globally as a vehicle for economic development and since its adoption by the CBN, it has seen the exclusion rate drop from 53 percent in 2008 to 46.3 percent in 2010 with a target of 20 percent by 2020.
He believes that the channels for delivering financial services have been equally targeted by CBN, with deposit money bank branches targeted to increase from 6.8 units per 100,000 adults in 2010 to 7.6 units per 100,000 adults in 2020, microfinance bank branches to increase from 2.9 units to 5.5 units; ATMs from 11.8 units to 203.6 units, POSs from 13.3 units to 850 units, Mobile agents from 0 to 62 units, all per 100,000 adults between 2010 and 2020.
