By Chinwendu Obienyi
The Chief Executive Officer, MoMo PSB, Eli Hini, says the mobile money operator will invest in financial education, mobile device financing and other financial solutions, to bridge the financial inclusion gap in Nigeria.
He said this at the MoMo Stakeholder Forum, held to commemorate the first anniversary of the Payment Service Bank in Nigeria which held in Lagos recently.
Eli, after identifying financial illiteracy as one of the barriers to financial inclusion said, “Financial literacy is key in the drive for financial inclusion. This is why we are committed to investing in customer education to ensure people understand basic financial solutions and are able to use them to improve their lives.
This also includes sensitisation to help people understand the value of having access to financial solutions and the impact it has on the quality of their lives.”
According to Eli, MoMo PSB intends to invest in the provision of mobile phones to rural locations to help improve access to phones which will enable us to provide financial services to our rural communities.”
He also added that MoMo’s large spread in Nigeria will ensure that customers without the luxury of having financial institutions in close proximity can also be financially included.
“Limited access to traditional financial institutions is also what institutions like MoMo PSB will address because of our deep distribution and penetration into the rural areas. We believe that we can extend financial solutions to all Nigerians to bridge that gap.”
Themed “Addressing the Barriers to Financial Inclusion and Cashless Payment in Nigeria’’, the MoMo PSB Stakeholder Forum pulled together industry heavyweights to discuss a way forward for financial inclusion and cashless payments in Nigeria. The focus was on exploring the current landscape of financial inclusion in Nigeria, highlighting key advancements, addressing challenges and exploring strategies for the future.
The forum also presented MoMo PSB with the opportunity to share some of the fintech’s efforts in driving financial inclusion.