By Chinwendu Obienyi
Despite the successes of various strategies at bridging the financing inclusion gap in Nigeria, experts have stressed the need for a multifaceted approach to enhance digital literacy across the country.
Economic experts who spoke at the virtual 6th Annual Financial Inclusion Seminar organised by Accion Microfinance Bank which held in Lagos recently, regulatory bodies can collaborate with operators to address the challenges to ensure broader financial inclusion.
Financial inclusion in Nigeria has had record successes due to onboarding of residents to the banking sector consistently progressing.
However, the overall exclusion rates continue to exceed official targets. Chairman, LAPO Microfinance Bank, Godwin Ehigiamusoe, noted that to foster financial inclusion through digital literacy, there is the need to empower individuals with the knowledge and skills necessary to use digital tools and financial services.
He stated that by implementing a multi-faceted approach that combines education, collaboration and community engagement, Nigeria can enhance digital literacy and consequently financial inclusion across the country.
According to him, there is a need for the federal government to develop and implement digital literacy training programs that specifically target under-served populations in Nigeria.
Ehigiamusoe stated that these programs should cover basic computer skills, internet usage and mobile technology.
He said, “I think the FG, regulators need to address challenges with financial inclusion. I would like to recommend an adult education model or curriculum in schools for digital skills.
Regulators need to step up and collaborate with operators to pass on digital basic skills to ensure the number of under-served and unserved reduces and effectively this might work”.
Also speaking, the Group Chief Executive Officer, e-Tranzact Global, Dr Valentine Obi, noted that although the regulators have laid a good foundation, there is the need to provide incentives or rewards for individuals who successfully complete digital literacy programs or use digital financial services as this can encourage participation and adoption.
For his part, the Managing Director, Accion Microfinance Bank, Taiwo Joda, said that the bank is open to partnerships and collaboration and is doing everything to work with regulatory bodies to create an environment that supports the growth of digital financial services.
He stated that “through the impact of the seminar, the bank has been able to engage a lot of digital literacy amongst secondary schools and we have engaged several schools and some of the kids won scholarships in the process. We have digital loans of between N150,000 to N500,000 to bridge business needs or pay the kids’ school fees”.