How to achieve full financial inclusion in Nigeria, by Etisalat

Telecommunication operator, Etisalat, has identified four enabling factors that can facilitate the achievement of the Central Bank of Nigeria’s goal of full digitization of the financial services sector in the country.

Director, Digital Business, Etisalat Nigeria, Adia Sowho, made the assertion at the weekend, while speaking on Financial Inclusion & Digital Services at the 2016 eWorld Forum organised by Ajomedia, publishers of e-World Magazine in partnership with Etisalat Nigeria.

The factors, according to her include interoperability of standards for money exchange across operators, agents and products; agent/ merchant distribution network that accepts and processes clients’ transactions; technology platform or avenue by which digital financial services are being provided to the target customers and product variety which addresses key pain points and creates value in the community.

Speaking further, the Etisalat director, also called on relevant stakeholders in the digital financial services ecosystem to evolve ways that could help them remain relevant, just as she assured on the commitment of her company to seeking and creating more innovative ways to create value for consumers.

She said: “Research results show that only 12 per cent are doing mobile banking while online banking has just 18 per cent of the population. This is a long road to our destination, and it calls for a strategic approach that involves the collaboration of all stakeholders. There must be regulatory interventions in place to foster the right conditions for increased collaboration. The banks must see and work towards the greater need for client-centric and digital mind set to increase customer base and deposits while reducing cost to acquire and serve. On our part, we are committed to efforts that will drive SmartPhone and broadband penetration to enhance the experience of customers who are expected to carry out financial services.”

She recalled that Etisalat Nigeria recently beat 21 other entries to win the 2016 MobileMoneyExpo Kalahari Financial Inclusion Product of the Year Award for its contribution to the growth of the financial sector of the economy through its mobile money product, GTeasysavers.

According to her, this product is a joint effort of Etisalat Nigeria and Guaranty Trust Bank that seeks to make savings and financial inclusion easier for everyone.