Financial inclusion: Finally, a game-changing device

Over the past 10 years there’s been ardent attempts to tackle the malaise of financial exclusion which has affected tens of millions of Nigerians. The adverse effect of exclusion on the country’s productivity, commerce and GDP is an obvious one.

According to CBN 2016 figures, 56.3 million of Nigeria’s 96.4 million adults were financially included in the economy. However, according to SANEF’s 2018 figures, there are still over 30 million adult Nigeria’s outside the financial community. Most of these are women and in rural areas.

What is worrying is that this figure has not moved significantly since March 2018, indicating a plateau. It is evident that if the objective of full inclusion by 2020 is to be realised a dynamic intervention must occur in the course of the coming months prior 2020.

Could that intervention come in the shape of new Technology? If technology can play a significant part then it is worthwhile attending the CEO briefing at which the founders of “Raven” unveil how this simple device and system will revolutionise the inclusion space.

The collaboration between Mvoula, a Nigerian Private Equity Firm headed by Adeola Adetunji, former CEO of Coca-Cola West Africa and Waxed, a South African payment solutions Company run by Anthony Stewart and Alon Fowler began in 2017. The objective was to tackle the challenges of financial exclusion in the African continent. We are introducing the device and system here in Nigeria.