Etisalat Nigeria has highlighted four key elements that would ensure that Nigeria achieves the much desired digital financial services and inclusion and align it with the emerging global trend.
The company’s Director Digital Business, Adia Sowho, at the eWorld Forum held in Lagos, at the weekend, said that digital transactions have continued to grow since 2014 hitting a daily transaction of N80 billion. She added that for digital financial services to grow in Nigeria there must be network interoperability, the right technology platform, healthy agent/merchant network and a range of product variety.
For best practice in healthy and robust Digital financial services, Sowho said there must be standards for money exchange across operators, agents and products, there should be distribution network that accepts and process clients’ transactions and range of products that address the key pain points and create value in the community.
She said stakeholders, including regulators, telecommunication companies and banks, will need to evolve to stay relevant. According to her the regulator needs to intervene to foster the right conditions for collaboration in the digital financial services ecosystem, just as Telcos would have to continue to provide the right tools, such as SmartPhones and mobile broadband network that radically changes how customers expect to interact with financial services. For the banks, she said there was need for a new client-centric and digital mindset to increase customer base and deposits while reducing cost to acquire and serve.
The future of digital financial services, which includes digital banking, digital wallet and digital commerce, is imminent and this could only be achieved and maximize benefits through new partnership models driven by customer and merchant needs.
To achieve the goal of the new digital age MNO Assets which include their technology platforms, distribution channels, support services, mobile tools, security platforms and customer insight are core enablers.