FinTech

#FinclusiveWeek 2019: Financial Inclusion for What?

PSB
Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele

The global financial inclusion fraternity has settled for “Financial Inclusion: For What?” as theme of this year’s Financial Inclusive Week.

Financial Inclusion Week [FIW] is celebrated annually in the third week of October. This year’s week will be celebrated from October 21 to 25.

Financial Inclusion Week is a week of the global conversation on the most important steps needed to advance financial inclusion.

Now in its 5th year, FIW 2019 is an opportunity to strengthen the diverse community of players involved in building a more inclusive financial ecosystem.

FIW offers a chance for the industry to reflect on the purpose and impacts of its work as an industry.

The objectives of FIW are to bring the entire financial inclusion community together to explore issues of financial inclusion beyond access, to create leadership opportunities among diverse stakeholders, to create dialogue and community and to foster partnership and coordination within the financial industry.

As the digital revolution is fundamentally altering how traditional financial service providers and innovative fintechs interact with each other and how they recruit, onboard, serve, and retain customers, the potential opportunities are limitless, but the move to digital also exposes low-income households to new and poorly understood risks.

In addition, the scope of the financial inclusion industry has widened dramatically.

Attention and investment once given almost entirely to microcredit is now being shared with cash transfer, savings, and insurance services, and these products are being offered through increasingly dynamic platforms.

When used well, the financial ecosystem can be staggeringly important, delivering digital payments to health workers combating Ebola, facilitating life-saving G2P and P2P cash transfers, or providing working capital to small businesses at critical moments.

But when it works less well, it throws up Kenyans that are racking up unpaid gambling debts financed through mobile money-delivered nano loans.

YOU MAY ALSO READ: 2018 Year of Landmark Financial Inclusion Policies and Initiatives – CBN

Financial Inclusion Week also brings the opportunity to explore this dynamism while reflecting and refocusing our goals as an industry. Then the following questions would be asked:

Why are those of us in this space engaging in this important work?

How do our goals inform our perspective on these and other trends?

What does it mean if we’re working to different or competing aims?

How should we think about success and what is necessary to ensure we achieve it?

However, during the Financial Inclusion Week events, four possible answers to the question “Financial Inclusion: For What? will be in focus.

From October 21 to 25 several institutions will host digital and in-person events to explore these questions. Join the conversation.

The Financial Inclusion Nigeria will host an event to celebrate the week. https://financialinclusionnigeria.org/financial-inclusion-week-2019/

Venue: LCCI Building Dr Nurudeen Olowopopo way Agindigbi Ikeja

Time: 9am – 2.30pm

Date: October 24, 2019.