Moniepoint Calls for Collaboration to Boost Financial Inclusion
Fintech company, Moniepoint, has emphasised the need for a collaborative approach between the government and private sector to build trust and drive financial inclusion in Nigeria.
A statement by the company on Wednesday, said Tosin Eniolorunda, Group Chief Executive Officer, Moniepoint Inc, made the assertion during a recent high-level policy dialogue between the Nigerian government and private sector stakeholders.
Eniolorunda said that this was crucial to expanding access to financial services for underserved populations. The founder of the Moniepoint said that the event, held in Washington DC, brought together government officials, regulators, law enforcement agencies, and fintech industry leaders at George Washington University.
Eniolorunda stated that the event was aimed at leveraging innovative approaches to drive a sustainable and inclusive financial system in Nigeria. The dialogue focused on addressing critical challenges in Nigeria’s fintech ecosystem, including regulatory oversight, security concerns, and trust issues hindering the widespread adoption of innovative financial solutions.
Participants explored strategies to enhance interagency collaboration and strengthen the overall effectiveness of the financial services sector. Eniolorunda emphasised the importance of public-private collaborations in addressing trust issues slowing down the adoption of innovative fintech solutions for economic and financial inclusion.
He said that the company had long championed the importance of financial inclusion and financial happiness. He added that building trust with the public and government and improving business and consumer access to the financial system were issues important to the company.
“As a testament to our commitment, we recently launched a landmark report investigating Nigeria’s informal economy, highlighting opportunities to widen financial inclusion to historically underserved communities.
“The outputs from this strategic gathering will go a long way in bolstering Nigeria’s economy even as closer linkages are formed from public-private collaboration which will be a huge boost to the overall development and competitiveness of the larger financial services industry,“ he said.
Eniolorunda reiterated the companay’s commitment to leveraging its expertise and technology to support the government’s financial inclusion goals and create a more financially inclusive society for all Nigerians.
Vice President Kashim Shettima, who addressed the gathering via video conference, explained the urgent need for financial innovation to drive Nigeria’s economic and financial inclusion agenda.
According to him, this aligns with President Bola Ahmed Tinubu’s administration’s commitment to bringing over 30 million unbanked Nigerians into the formal financial sector as part of the Renewed Hope Agenda.
“We must develop a sustainable collaboration approach that will facilitate the adoption of inclusive payment to achieve our objective of economic and financial inclusion,” Shettima said.
Philip Ikeazor, Deputy Governor, Central Bank of Nigeria, emphasised the need for ongoing collaboration among all stakeholders to meet the goals of the Aso Accord on Economic and Financial Inclusion.
Also, Mr Kashifu Abdullahi, Director General, National Information Technology Development Agency (NITDA), advocated for “a digital-first approach and the fusion of digital literacy with financial literacy to address trust issues affecting the inclusive payment ecosystem.” #Moniepoint Calls for Collaboration to Boost Financial Inclusion FG Tasks NBTI on Research-Based Solutions to Insecurity, Agric Sector Challenges
