FinTech

Firms with Financial Inclusion Services for Honours at IFINCA

As the financial inclusion project of the Central Bank of Nigeria [CBN] continued to gather steam in Nigeria and across the globe among firms, policy makers and the media, the project is having positive effect on disadvantaged Nigerians and companies that are delivering financial inclusion-focused services would be honoured at IFINCA.

The Editor-in-Chief of Financialtechnoologyafrica.com, Sola Fanawopo made this pronouncement in a statement.

Fanawopo said the various stakeholders that are reinventing and pushing the boundaries of financial inclusion towards ensuring that the CBN’s objectives are attained would be recognised and rewarded for their achievements at an event organised by Inclusive Financial Nigeria Conference and Awards [IFINCA] in November.

Themed Financial Inclusion: Is it time to reinvent and push the boundaries, the event would have Head, Financial Inclusion Secretariat, Central Bank of Nigeria (CBN), Attah Joseph deliver a keynote address at the plenary session where financial inclusion advocates would tell their stories while over 20 stakeholders would be honoured under 43 award categories.

Some of these stakeholders include LAPO, Grooming Centre, Remita Data Referencing System, MTN Nigeria, Lagos Business School, Innovectives, Carbon, E-Settlement Limited, SANEF and Precise Financial Systems among others.

YOU MAY ALSO READ: CBN Issues Regulations for Indirect Participants in Payments System

He highlighted that these stakeholders would be recognised for their achievements towards pushing the boundaries of the financial inclusion project. Some of the awards categories include best non-banking loan platform, best telecommunication loan, fastest growing financial software company and best use blockchain technologies for financial inclusion among others.

He pointed that as a result of the CBN’s expansion programme, the importance of financial inclusion as a tool for economic development in terms of “poverty alleviation, employment generation, wealth creation and improvement of welfare and general standard of living cannot be overemphasized”.

The CBN in collaboration with the stakeholders launched the National Financial Inclusion Strategy on October 23, 2012 to reduce the exclusion rate to 20% by year 2020. He reiterated that working with these stakeholders, the CBN had cut the exclusion rate in Nigeria from 53.0 % in 2008 to 46.3 % in 2010.

He explained that the apex bank had specified that adult Nigerians with access to payment services is planned to increase from 21.6% in 2010 to 70% in 2020, while those with access to savings should increase from 24.0% to 60%; and credit from 2% to 40%, insurance from1% to 40% and pensions from 5% to 40%, within the same period.

IFINCA is being organised by financialtechnologyafrica.com is Africa’s prime news channel on financial technology. It publishes news, case studies concerning technologies that power the provision of financial services with focus on electronic banking, electronic payment, insurtech, lendtech, wealthtech and regtech. It is owned by eMaginations.