The stark reality of financial exclusion in Africa has been laid bare by the Group Managing Director of United Bank for Africa (UBA), Oliver Alawuba.
According to him, a staggering 80% of Africans remain outside the formal financial system, lacking access to essential financial services.
At a reception honouring the 23rd President/Chairman of Council, Chartered Institute of Bankers of Nigeria (CIBN), Prof. Pius Deji Olanrewaju, Alawuba stressed the need for more to be done to address financial exclusion.
The event, organized by FIC Professionals Network Plc, brought together stakeholders to discuss ways to promote financial inclusion.
“More than 80% of Africans are outside the financial system. It’s good to see that agency system is coming onboard, but we need to do more because there are millions of people who have not tested any financial services”, the UBA boss stated.
While highlighting the urgent need for innovative solutions to bridge the financial divide, Alawuba emphasized the importance of collective efforts from financial institutions, governments, and stakeholders to create a more inclusive financial ecosystem that benefits all.
President Bola Tinubu has assured that his administration is committed to ensuring greater financial inclusion, recognizing its potential to unlock economic opportunities, reduce poverty, and promote sustainable growth.
President Tínubu’s commitment to expanding financial services to underserved populations, including low-income individuals, rural communities, and small businesses was reinforced by the appointment of a technical adviser on financial inclusion, Dr. Nurudeen Abubakar Zauro, who emphasized the importance of collective efforts from financial institutions, governments, and stakeholders.
“When we came on board, the first thing we did was that we partnered with FIC Professionals Network to stage a workshop in order to inspire stakeholders who we believe know better and have all the experience that is needed for us to do the right thing. It shows that the administration is indeed determined to do everything possible to provide access to financial services, especially in our journey to growing a $1 trillion economy.
“There’s a need for us to strengthen that partnership. So I am quite happy that the certification program of CIBN is a very important one, and now I can tell you that we are doing everything possible to see how we can personalize and, of course, continue to partner and collaborate with FIC, CIBN and all other stakeholders”, the president’s adviser stressed.
Meanwhile, the FIC Professionals Network has been commended for its efforts in promoting financial inclusion, particularly through its agency banking initiatives.
The organization’s Group Director, of Business Development, Mr. Sola Bickersteth, emphasized the importance of collaboration between public and private sector stakeholders to achieve financial inclusion.
He said: “We cannot congratulate you enough and the Chartered Institute of Bankers for laying the path for the direction that we’re taking. We congratulate you sir because you are going to graduate the first set of agent bankers certified by CIBN in October of this year and we believe that it can only get better from there.
“We’re also happy that the government has that vision very clearly stated. So FIC, as an organization, works with both the public sector and the private operators. We are not a service provider but a collaboration organization working closely with everybody on how we can in a consistent manner make this financial inclusion a reality in Nigeria. And so, in coming together, we believe that we can fill those gaps”.
Reacting, the CIBN President expressed gratitude for the honour and applauded FIC for keying into his legacy agenda. He rallied support for the Network in its commitment to ensuring financial inclusion in the country.
