President Bola Tinubu and stakeholders in the financial sector have stressed the need for an improved system that would further encourage financial inclusion across African countries.
They spoke at a reception hosted by FIC Professionals Network Plc to celebrate the emergence of Prof. Pius Deji Olanrewaju as the 23rd President/Chairman of Council, Chartered Institute of Bankers of Nigeria, (CIBN).
Speaking at the luncheon, Tinubuassured that his administration was committed to ensuring greater financial inclusion, recognising its potential to unlock economic opportunities, reduce poverty, and promote sustainable growth.
Tinubu, represented by the Technical Adviser on Financial Inclusion, Dr Nurudeen Abubakar Zauro, expressed commitment to expand financial services to underserved populations, low-income individuals, rural communities, and small businesses.
He also emphasised the importance of collective efforts from financial institutions, governments, and stakeholders.
The president said: “When we came on board, the first thing we did was to partner with FIC Professionals Network to stage a workshop to inspire stakeholders who we believe know better and have all the experience that is needed for us to do the right thing. It shows that the administration is, indeed, determined to do everything possible to provide access to financial services, especially in our journey to growing a $1 trillion economy.
“There’s a need for us to strengthen that partnership. So, I am quite happy that the certification programme of CIBN is a very important one, and now I can tell you that we are doing everything possible to see how we can personalise and, of course, continue to partner and collaborate with FIC, CIBN and all other stakeholders.”
Also commenting, the Group Managing Director of United Bank for Africa (UBA), Oliver Alawuba, who claimed a staggering 80 per cent of Africans remain outside the formal financial system, lacking access to essential financial services.
Alawuba stressed the need for more to be done to address financial exclusion.
“More than 80 per cent of Africans are outside the financial system. It’s good to see that the agency system is coming onboard, but we need to do more because there are millions of people who have not tested any financial services, “the UBA boss stated.
While highlighting the urgent need for innovative solutions to bridge the financial divide, Alawubaemphasised the importance of collective efforts from financial institutions, governments, and stakeholders to create a more inclusive financial ecosystem that benefits all.
Meanwhile, FIC Professionals Network has been commended for its efforts in promoting financial inclusion, particularly through its agency banking initiatives.
The organisation’s Group Director, Business Development, Sola Bickersteth, emphasised the importance of collaboration between public and private sector stakeholders to achieve financial inclusion.
He said: “We’re happy that the government has that vision very clearly stated. So FIC, as an organisation, works with both the public sector and the private operators. We are not a service provider but a collaboration organisation working closely with everybody on how we can, in a consistent manner, make this financial inclusion a reality in Nigeria. And so, in coming together, we believe that we can fill those gaps.”
