Enhancing Financial Innovation & Access (EFInA), a financial sector development organization that promotes financial inclusion in Nigeria, has concluded its first breakfast on retail banking strategy in Nigeria.
The programme which aims at evaluating market opportunities for retail banking in Nigeria also discussed how financial inclusion can promote economic development and wealth creation.
It was said that the roundtable discussion was designed to assess some of the recent Central Bank’s policies on remittances, withdrawal limits and how mobile payments could support the development of payment systems and increase financial inclusion in Nigeria.
Attended by heads of retail banking and strategy from deposit money banks, discussions were held on challenges facing the development of retail banking industry, such as the lack of a uniform national identification system, onerous KYC requirements, high cost of doing business, effective risk management and the dearth of skilled human capital among others.
Speaking at the event, Chief Executive Officer, EFInA, Modupe Ladipo, said “Given the large numbers of the unbanked population, new ways of thinking and innovation in bank products and services will be required to capture this market.” Participants examined how alternative channels such as mobile, POS and agent banking can support and further the financial inclusion agenda.
Ms. Ladipo further stated that, “To motivate customers to save in a formal financial institution, providers need to develop products and services to meet their financial needs. These products should mimic those offered by informal savings providers such as the ‘esusu’ or ‘ajo’ and be distributed through non-bank branch channels such as mobile phones and Point-of-Sale (POS) devices. Typically, savings products serve as an entry point to other financial products.”
Programme Manager, Yewande Adewusi, said, “EFInA will continue to host these breakfast series and innovation fora to build the capacity of market operators and regulators in the financial services sector.
Through our Innovation Fund we seek to support the development of new ideas and approaches to expanding access to formal financial products and services designed for the unbanked and under-banked population in Nigeria.” said Yewande Adewusi, Programme Manager, EFInA.