Capricorn Digital Boosts Financial Inclusion amongst rural dwellers
Capricorn Digital Limited, a Lagos based digital solutions company, and one of the five super agents appointed by the Central Bank of Nigeria (CBN), has said that it is determined to boost financial inclusion amongst rural dwellers in Nigeria through its various networks and platforms.
The company said it has built its distribution platforms and outlets that could be used to reach the mass market customers, particularly those living in rural and less urban areas.
In order to achieve this, Capricorn Digital Limited has is aggressively expanding its network base of Agents, building distribution platforms and outlets that can be used to reach mass market customers, particularly those living in rural and less urban areas.
The company has, since it got licensed, been creating values helping to eliminate many of the current challenges Financial Service Providers are facing with respect to financial exclusion by providing agents to reach unbanked persons, using technology and working closely with FSPs to cut excessive documentation.
According to the company, we have been creating values since we obtained our license from the CBN, adding that it has been able to reach the unbanked people using technology and working closely with Financial Service Providers (FSPs) to cut excessive documentation.
It decried the inability of Nigeria to become a leader in the area of financial access and inclusion, stressing that even though the country has the highest GDP ($404.6B) in Africa, she does not have a well advanced payment systems when compared to other African countries.
It also noted that Nigeria’s population of over 186 million and reputation as a country with the largest GDP ($404.6B) in Africa should ordinarily make her a leader in the areas of financial access and inclusion statistics, but this is not so, not even with the fact that the country’s banking industry’s payment systems are advanced in comparison to several other African countries, Capricorn said.
“This lag affects the banking sector and also directly touches a wide range of Financial Service Providers (FSPs) in Nigeria including Commercial Banks, Micro-Finance Banks (MFBs), Consumer Bankers and every other deposit taking institution licensed by the Central Bank.
“The challenge then becomes how to replicate the success the banking industry has recorded; its ability to create bank accounts for customers in predominantly more urban areas e.t.c and extend it to include customers operating within other formal and informal channels; other formal and informal channels here being represented by MFBs, pensions schemes, insurance companies, informal savings clubs (esusu, ajo), money lenders and cooperatives.” Capricorn said.
The company further noted that for financial inclusion to really gain ground in the country, the federal government should create and drive appropriate regulations, policies and guidelines that would bring it into reality.
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