NAN-HE-15
Payment
by Chiazo Ogbolu
Lagos, Oct. 13, 2017 (NAN) Chief Executive Officer of Global Accelerex, Tunde Ogungbade, on Friday, said 70 per cent of Nigerians should have access to payment service by 2020.
Ogungbade disclosed this during the 3rd Quarterly Forum of Nigeria Information Technology Reporters Association (NITRA) in Lagos with the theme “Digital Payment: Prospects and Challenges of a Financial Inclusive Nigeria.”
He said there should digital inclusion in all spheres of the economy to achieve the target of digital payment by 2020.
Ogungbade described financial inclusion as giving useful and affordable financial products and services to individuals and businesses to meet their needs in responsible and sustainable way.
He listed the numerous groups that were financially excluded in the country as low-income families, unemployed, elderly, those living in rural or remote areas, illiterates and those with disabilities.
He said “we should ensure that government and regulators initiate proper policies to have digital financial inclusion in Nigeria.
“There is need to encourage and facilitate technological research and innovation that will make financial services not just easily accessible but cheaply available.
“Their is need to develop technology solutions and innovation to reach unbanked transformational branchless banking by tapping into infrastructure that already reaches rural remote areas.
“Government, banks and other financial services would need to move away from the attitude of viewing the objective behind financial inclusion as a national social responsibility but as a profitable business opportunity and enabler of development.”
The IT expert said that the channels through which people could access the services such as banks, Automated Teller Machine and Point of Sales Agent are also expected to increase to specified target numbers per 100,000 adult by 2020.
He listed three major stakeholders in the National Financial Inclusion Strategy (NFIS) to include the providers such as financial institutions; enablers such as regulators and public institutions and partners and experts.
He added that stakeholders should be put together in the execution of the strategies to tackle financial inclusion in the country.
Ogungbade added that to actualise financial inclusion, focus should be on people to have transaction accounts which he described as platform for movement.
He said that with digital payment, people would spend less time in transactions, help to manage money effectively, and would increase customers’ activities and trade.
Earlier, Mr Emma Okonji, the Chairman of NITRA, said the introduction of cashless economy by Central Bank of Nigeria in 2012 had helped immensely to further drive financial inclusive Nigeria’s vision.
He said that with the global technology advancement especially in the digital payment space, “Nigeria could not afford to miss out in today’s knowledge revolution.
“Today, customers taste and lifestyles are fast changing with technology evolution in such a manner that customers are seeking better technology solutions that will enable them to carry out financial transactions on their mobile phones.
“In order to achieve this, financial service providers like banks must collaborate with Financial Technology (Fin Tech) players.
“Although there are some concerns that technology solutions offered by Fin Tech players are disruptive in nature, such disruptions are needed to change the old system of financial transactions to a new and better system.
“This will help Nigeria to achieve an all-including financial payment system.” (NAN)
CAN/HA
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Edited by Hadiza Mohammed-Aliyu