Moniepoint Inc. has stated that stakeholder collaboration is crucial to financial and economic inclusion in Nigeria.
Tosin Eniolorunda, Moniepoint Inc’s Group chief executive officer, said this in a recent high-level policy dialogue between the Nigerian government and private sector stakeholders in Washington, DC. He emphasised the importance of public-private collaborations in addressing trust issues that have slowed the adoption of innovative fintech solutions for economic and financial inclusion.
He said, “Moniepoint has long championed the importance of financial inclusion and financial happiness. Building trust with the public and government and improving business and consumer access to the financial system are critical issues that are aligned with our philosophy.”
He added, “As a testament to our commitment, we recently launched a landmark report investigating Nigeria’s informal economy, highlighting opportunities to widen financial inclusion to historically underserved communities. The outputs from this strategic gathering will go a long way in bolstering Nigeria’s economy even as closer linkages are formed from public-private collaboration, which will be a huge boost to the overall development and competitiveness of the larger financial services industry.”
The event, which brought government officials, regulators, law enforcement agencies, and fintech industry leaders together at George Washington University, aimed to leverage innovative approaches to drive a sustainable and inclusive financial system in Nigeria.
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Kashim Shettima, Nigeria’s vice president, addressed the gathering via video conference and highlighted the urgent need for financial innovation to drive economic and financial inclusion in the country.
“We must develop a sustainable collaboration approach that will facilitate the adoption of inclusive payment to achieve our objective of economic and financial inclusion,” Shettima stated.
The dialogue further addressed critical challenges in Nigeria’s fintech ecosystem, including regulatory oversight, security concerns, and trust issues that have hindered the widespread adoption of innovative financial solutions.
Kashifu Inuwa Abdullahi, Director General of the National Information Technology Development Agency (NITDA), advocated for “a digital-first approach and the fusion of digital literacy with financial literacy to address trust issues affecting the inclusive payment ecosystem.”
Meanwhile, Eniolorunda of Moniepoint has rewarded three undergraduate Nigerian entrepreneurs with seed funding through the inaugural edition of the Tosin Eniolorunda Innovation Challenge, an initiative of the Management Student Association, University of Lagos.
“This initiative aligns with our vision of powering dreams and being critical enablers for the growth of the SMES across Nigeria. We have seen first-hand the transformative power of innovation and problem-solving as pivotal building blocks for unlocking value, considering that the world belongs to dreamers and doers. Our growth has been driven by our ability to listen to the customers as well as provide innovative solutions to the challenges they have faced,” he said.
