Financial inclusion and shared prosperity


By Mike Ogbalu

AS we mark another financial inclusion week, what immediately comes to mind is that access to mobile telecommunications has reached over 125 million Nigerians and still growing with inadequate harnessing of the full potentials it provides. While the telco subscription has been phenomenal in terms of reach and penetration, it has become difficult to translate these successes to financial services reach. A significant population of rural and economically-deprived Nigerians remains underserved and financially-excluded. This is largely due to limited financial services access points, which is a function of the huge investment required to build and sustain brick-and-mortar bank branches. From a profitability standpoint, it is  prohibitive to run physical bank branches across the rural and semi-urban parts of Nigeria.

Beyond the costs, consumer behaviours are changing…

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