By Etop Ekanem

The Chief Executive Officer and President of Opay Nigeria, Olu Akanmu, has said  without adequate financial inclusion, poverty cannot be effectively eradicated in Nigeria, explaining efforts aimed at making financial products and services accessible and affordable to all individuals and businesses, regardless of their personal net worth.

He said for us to have incentive borrowing,we need to design models that can solve market solutions where everyone cannot use the model at the same time. Data, talent shortage, lack of infrastructure are some of the issues and barriers to financial inclusion.

He said: “NIN  Biometrics subscribers have reached  90 million but there are still vulnerabilities and the potential of the MSMEs is yet to be maximized. If we can have a centralised database it would aid cyber security. Although there are challenges, with double authentication, cyber security rights and limiting balance risk, it takes care of the loopholes.

“Artificial intelligence and machine learning is another means to enhance cyber security. Poverty is a major challenge, and we need to lift the numbers affected out of poverty. There is a shortage of talent in Nigeria, everybody will not use a model if it is designed but there would be adaptation in processes.”

Also speaking, CEO of EFInA, Isaiah Owolabi, said only 40 per cent of population have access to fintech, stating that access to digital payments could only be driven by digital financial services, which was determined by access and breaking the barriers.

He said: “Access to digital payments drives the adoption of digital financial services. Once consumers use the service for the first time and have a good experience, they will always return to convenience.

Isaiah added that its efforts basically is to bridge the huge financial gap and access to funds for Micro, Medium, and Small-Scale Enterprises (MSMEs) in Nigeria, enhancing financial innovation and access, is in partnership with GIZ where an innovative virtual hackathon contest tagged: ‘MSME Finance…Breaking the Barriers’. In Nigeria, Access to finance remains a priority area of assistance for both SMEs  and Micro enterprises.

The competition produced winners with innovative solutions geared toward addressing some of the key challenges MSMEs hinder access to finance from formal financial services in Nigeria.

“It showcased Nigeria’s potential for developing homegrown solutions that promote microbusiness financing from formal financial service providers in Nigeria.

“A total of 67 teams comprising 209 participants registered for the competition, which included four pre-submission webinars by industry experts to support teams in developing relevant solutions,” It stated.

The participating teams took on the challenge of developing creative and innovative ideas, and Minimum Viable Products (MVPs) that addressed one of the broad objectives and thematic areas such as financial management skills development, digitised credit appraisal and lending system, MSME product design toolkit, and alternative collateral options/

“We had three winners, Team Esusu, Team Astra Pitch,Team Bethel Pitch,Team Bethel emerged  the winner,cash prize of three million naira, while Team  Astra Pitch took 2nd position with a cash price of two million naira and Team Esusu a million naira in the 2022 virtual hackathon challenge competition.

Delivering the keynote address at the  event, Chief Economist of the Development Bank of Nigeria, Prof, Joseph Nnanna,who was represented by Tsekiri Arume, Head, Monitoring and Evaluation said   the financing gap for Nigeria MSMEs is about 617.3 billion annually. Despite the SMEs segment being identified as critical by banks and CBN, demand and supply factors can help explain the MSMEs finance gap.There are key advances in technology  that are impacting how MSMEs finance their business and operations.

Also, PM Engineering Innovation Microsoft Nigeria, Nkem Nweke said  the reinvention of Microsoft is in Africa. Africa’s unique technology needs a step further. The platform and tools are top of our innovation and $12 billion dollars is spent on research and Microsoft would focus on Africa.

Nweke added that Microsoft is reinforcing its commitment to developing tech talent in Africa, with two new offices for the African Development Centre (ADC) in Nairobi, Kenya and Lagos, Nigeria, after three years of successful operation in both countries. 

Ultra-modern new offices for the ADC and Microsoft Garage in Lagos

After three years of successful operation  housing the product engineering, ecosystem development and innovation teams. 

The new facility is also home to the Microsoft Garage, a new entity launched as part of the ongoing efforts to scale innovation in the tech ecosystem.

The Executive Director,Creative Space Startups and one of the participants  at the event,Grace Oluchi Mbah  said employers demand for digital skills and it’s no longer optional.

Mbah added that the people should get skills and experience. Once you’ve gotten the skills, build your portfolio and grab the opportunities. This would solve the unemployment divide with digital skills capacity development and upskilling. We are leveraging on digital skills for economic opportunity.