Scale2Save harps on inclusive financial services for economic recovery
03 April 2022 |
1:53 am
Inclusive financial services for women, youths and farmers has been described as the antidote to fuelling Nigeria’s economic recovery and growth.
Inclusive financial services for women, youths and farmers has been described as the antidote to fuelling Nigeria’s economic recovery and growth.
This was the submission of financial stakeholders at the Scale2Save financial inclusion knowledge sharing event, organised by the World Savings and Retail Banking Institute (WSBI) programme for financial inclusion
Scale2Save is a six-year programme of the World Savings and Retail Banking Institute in partnership with the Mastercard Foundation, aimed at establishing the viability of low-balanced savings accounts and to unravel the extent to which savings help vulnerable people in the society to boost their financial wellbeing.
In her keynote address, the Scale2Save Programme Director, Weselina Angelow, who highlighted the importance of stakeholders’ knowledge sharing events towards Nigeria’s quest for inclusive growth and economic development, reiterated the need for all stakeholders to be part of knowledge and insight-based discourse like that to improve on their processes and make informed financial inclusion decisions.
Angelow said the mission of Scale2Save is to support financial inclusion initiatives to help millions of Nigerian youths, women and farmers. “We focus on adding value to all stakeholders along the service value chain by empowering our financial service provider partners to become savings-driven, customer-centric institutions,” she said.
The Head of Financial Inclusion Secretariat, Central Bank of Nigeria (CBN), Dr. Paul Ihuoma Oluikpe, highlighted the need for financial service providers to target specific customer needs with financial inclusion products.
The Group Head of Financial Inclusion, FCMB, Adetunji Lamidi, said financial illiteracy is a major barrier to financial inclusion.
“What we see is a situation where a lot of Nigerians still have this overdependence on the informal financial sector. It takes a long trust-building process to switch them from the informal sector they are familiar with into the formal sector. This is why most of the financial service providers have adopted agency banking where people within the neighbourhood are used as bank representatives. This helps to build confidence, trust and convenience into our financial inclusion strategy.”
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