Sanwo-Olu seeks more savings, investments to drive inclusion
SpeakiFinance Director, The Coca-Cola Company, West Africa Business Unit, Sanjeev Kumar (left); President, Coca-Cola, West Africa Business Unit, Peter Njonjo; Chairman, Tropical General Investment Group (TGI), Cornelis Vink; Group Managing Director, TGI Group, Rahul Savara; Group Executive Director, TGI Group, Jerome Shogbon, at the formal signing ceremony of Coca Cola acquisition of Chi Limited in Lagos.ng on ‘Making financial inclusion a reality for all’ at the Social Media Week (SMW), Sanwo Olu said only savings and investment can strengthen the value chain, and further boost the nation’s Gross Domestic Product (GDP).
“People should save not under the pillow, but invest their money in businesses. We also need to liberate assets and potentials that could translate to money,” he added.
He advised the Central Bank of Nigeria (CBN), to wrap up conversation with the Nigerian Communications Commissions (NCC), on implementing the financial inclusion framework due to the pressing need to reduce financial gap.
“For us to achieve what we are talking about, we need to be able to reference people. We want to get Lagosians registered, so we can know those in need of one service or another. We need an entire ecosystem and open conversations to do more,” he added.
Technical Adviser, DFS, Financial Inclusion Secretariat, CBN, Nurudeen Abubakar, said banks harmonising customers’ data with functional policies in place will help in the drive.
Abubakar advised startups to utilise available interventions like loans and grants to boost their businesses.
He however, noted that the Fintech’s framework had been delayed to get the right structure and regulation in pla, and would be launched before the end of the first quarter.
Director, Lagos Business School (LBS), Olayinka David-West, said policies be put in place from the evidence approach, that is, understanding not just the users demographics but also psychographic assessments that contribute to the decisions they take.
“We need to understand specific problems of the people you like to solve, as there is no rubber stamp solution to them. Also, savings is critical in the supply and demand chain. We should stimulate savings to reduce financial cost.
“Agent providers are key to driving financial inclusion. Their role can be sustainable if there is enough economic activities,” she added.
David-West stressed that power remains a big problem to business growth in Nigeria and has crippled the operation of money agents. We urge the government to look into this aspect.
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