MoMo PSB invests in financial education, mobile devices to drive inclusion

The Chief Executive Officer of a MoMo Payment Service Bank (PSB), Eli Hini, said the firm will invest in financial education, mobile device financing and other financial solutions, to bridge the inclusion gap in Nigeria.

He said this at a stakeholders forum held to commemorate the first anniversary of the PSB in Nigeria.

Hini, after identifying financial illiteracy as one of the barriers to financial inclusion, said: “Financial literacy is key in the drive for financial inclusion. This is why we are committed to investing in customer education to ensure people understand basic financial solutions and can use them to improve their lives.

“This also includes sensitisation to help people understand the value of having access to financial solutions and the impact it has on the quality of their lives.”

According to Hini, the firm “intends to invest in the provision of mobile phones to rural locations to help improve access to phones, which will enable us to provide financial services to our rural communities.”

He also added that MoMo’s large spread in Nigeria would ensure that customers without the luxury of having financial institutions nearby could also be financially included.

“Limited access to traditional financial institutions is also what institutions like MoMo PSB will address because of our deep distribution and penetration into the rural areas. We believe that we can extend financial solutions to all Nigerians to bridge that gap.”

At the forum, a panel of industry experts shared their experiences, expertise and visions, shedding light on the industry’s progress while discussing innovative approaches to drive further inclusivity.

Speakers at the panel included the CEO of MoMo PSB, Founding Partner, Future Africa, Iyinoluwa Aboyeji; Group Head, Digital Banking, UBA Plc, Kayode Olubiyi; CEO of Unified Payments, Agada Apochi and MD of FairMoney, Henry Obiekea.

Also, present at the event was the Lagos State Commissioner for Science and Technology, Hakeem Fahm, who spoke on some of the ways the state is promoting cashless transactions as well as the importance of collaboration between the public and private sectors to drive financial