Despite growth in FinTech, 50% of Nigerians has no bank accounts – Akanmu
By Joseph Ekeng
The CEO of Opay, Olu Akanmu, has highlighted that Nigeria, Africa’s most populous country, lags behind in financial inclusion. He added that about 50% of Nigerians are financially excluded.
Olu Aknmu made the disclosure at the CIO Club Award Summit 2023, held recently in Lagos.
The summit, which was themed “Digital Economy and the Nexus between E-identity, Connectivity, and Financial Inclusion”, attracted top players in the FinTech sector.
Akanmu emphasized that the challenge provides an opportunity for telcos and fintech companies to rise to the challenge. He explained that financial inclusion is a business of scale, and that those low-earning customers, mostly residing in rural areas, are frequently ignored by banks.
However, these customers carry out millions of transactions daily that generate revenue for businesses.
The issue of financial exclusion has been a long-standing challenge in Nigeria, and this latest revelation has spurred calls for urgent action to address the problem.
It is hoped that the insights shared at the summit will prompt stakeholders to develop innovative solutions that will increase financial inclusion and enable more Nigerians to participate in the country’s growing digital economy.
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