December 2, 2022

Seamless identity management necessary for financial inclusion — Flutterwave

By Cynthia Alo

Innovative and seamless identity management systems has been identified as imperative to opening doors of financial services to underserved demographics like youth and women, across Nigeria.

Making this assertion as a panelist at the maiden edition of Nigeria’s International Financial Inclusion Conference, a Central Bank of Nigeria, CBN, initiative, Flutterwave’s Senior Vice President of Offline Business, Dotun Adekunle, stated: “Identity management can drive financial inclusion for youths and rural dwellers.

“It needs an overhauling to ensure easy access and onboarding for youth and rural dwellers. For instance, instead of the current practice where NIN or BVN is required after or during the onboarding process, what if we go a different route where either of the two become the entry factor to access financial services just as a G-mail account is the master key to many Google and non-Google products?”

Other solutions proffered by Dotun include expanding existing channels to make financial services highly affordable and easily accessible to those who are financially excluded or underserved.

He also recommended the utilization of social media as an effective channel for driving financial inclusiveness especially among youth and digital entrepreneurs.

The conference sought innovative ways to make financial services solutions available to rural areas, women and young people.

Mrs. Ronke Kuye, CEO of Shared Agent Network Expansion Facilities (SANEF) who moderated the panel discussion, stated: “There is about an 11% gap in the financial inclusion of youth between the ages of 18 and 25. Also, there is a 24% gap between the rural and the urban areas.”