Advancing Financial Access in Nigeria

Moniepoint Inc., a leading fintech company in Nigeria, underscores the necessity of a collaborative and holistic stakeholder approach to enhance financial and economic inclusion in the country.

High-Level Policy Dialogue in Washington, DC

At a recent high-level policy dialogue held in Washington, DC, involving Nigerian government officials and private sector stakeholders, Moniepoint Inc.'s Group CEO and Co-Founder, Tosin Eniolorunda, highlighted the critical need for public-private partnerships. These partnerships aim to address trust issues that have historically hindered the adoption of innovative fintech solutions essential for economic and financial inclusion.

Landmark Report on Nigeria's Informal Economy

"Moniepoint has long championed the importance of financial inclusion and financial happiness. Building trust with the public and government, improving business and consumer access to the financial system are critical issues that align with our philosophy," stated Eniolorunda. To demonstrate this commitment, Moniepoint recently released a landmark report investigating Nigeria’s informal economy. This report identifies opportunities to extend financial services to historically underserved communities, and the insights from this strategic dialogue are expected to significantly boost Nigeria’s economy by fostering closer public-private collaboration. This collaboration is anticipated to enhance the overall development and competitiveness of the financial services industry.

Key Participants and Goals

The event, hosted at George Washington University, brought together an array of participants, including government officials, regulators, law enforcement agencies, and fintech industry leaders. The primary goal was to explore innovative approaches to fostering a sustainable and inclusive financial system in Nigeria.

Addressing the Needs of 30 Million Unbanked Nigerians

Speaking via video conference, Vice President Kashim Shettima emphasized the urgent need for financial innovation to advance Nigeria’s economic and financial inclusion agenda. This initiative supports President Bola Ahmed Tinubu’s administration’s commitment to integrating 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 systems to achieve our objective of economic and financial inclusion," stated Shettima.

Tackling Challenges in Nigeria’s Fintech Ecosystem

The dialogue addressed critical challenges within Nigeria’s fintech ecosystem, such as regulatory oversight, security concerns, and trust issues. Participants explored strategies to improve interagency collaboration and enhance the overall effectiveness of the financial services sector.

Aso Accord on Economic and Financial Inclusion

Philip Ikeazor, Deputy Governor of the Central Bank of Nigeria responsible for Financial System Stability, emphasized the need for continuous collaboration among all stakeholders to achieve the goals outlined in the Aso Accord on Economic and Financial Inclusion. Kashifu Inuwa Abdullahi, Director General of the National Information Technology Development Agency (NITDA), advocated for a "digital-first approach" and the integration of digital literacy with financial literacy to address trust issues affecting the inclusive payment ecosystem.

Effective Decision-Making for Financial Inclusion

Dr. Nurudeen Zauro, Technical Advisor to the President on Economic and Financial Inclusion, explained that the gathering aims to develop into a mechanism for providing relevant information to the Office of the Vice President. This will facilitate effective decision-making for economic and financial inclusion.

Key Takeaways and Future Commitments

The event generated several recommendations focusing on rules, infrastructure, and coordination, with an emphasis on actionable steps and clear accountabilities. As discussions progress, Moniepoint remains committed to leveraging its expertise and technology to support the government’s financial inclusion objectives and foster a more inclusive financial system for all Nigerians.

Notable Speakers

Other notable speakers at the event included Inspector General of Police Mr. Kayode Egbetokun; Professor Pape Cisse, Executive Director of the Center for Curriculum Development and Learning (CCDL) at George Washington University; Mr. Reginald Emordi, Assistant Vice President at Merrill Lynch Wealth Management; Mr. Lars Benson, Regional Director for Africa at the Center for International Private Enterprise (CIPE); The Honorable Sheila Cherfilus-McCormick, U.S. Congresswoman representing Florida’s 20th congressional district; and Prof. Olayinka David-West from Lagos Business School, among others.