Industry experts have said improved efforts at collaboration among financial service providers, telecommunication operators, and tech startups, with conscious effort geared at consumer awareness, will help close Nigeria’s financial inclusion gap.
They made these submissions at the second edition of Payment Forum Nigeria (PAFON 2.0) held in Lagos. Ibirogba Oluwagunwa, chairman of the Lagos State Chapter of the Association of Mobile Money & Bank Agents in Nigeria, harped on the need for information sharing among fintech operators and improved free flow of information to consumers.
“The human barrier angle needs to be addressed. Fintechs need to be pushed to move forward, AI cannot operate itself,” he stated.
He pointed out that a lack of collaboration and slow institutional drive towards AI hinders digital inclusion.
Read also: Global financial risks grow on tighter financial conditions, uncertainties – IMF
Chika Nwosu, managing director of PalmPay, reiterated the need to reach the consumers with simple format communication and education style.
“Operators should create awareness and design a consumer-centric approach in developing any products. This will not only draw the consumers towards the product, but also generate trust and ease the use of such products,” he said.
While focusing on the use of AI to ensure reach, inclusion and security, Olusoji Adeyemo, Azure Application and AI Specialist at Microsoft UK, said there is a need for AI and Blockchain in the bid to extend services to rural communities and the unbanked.
“AI, Blockchain and CBDs are shaping the future of payment, and there is a serious need for education. We need to align with global trends in new tech adoption,” he stated.
While noting that AI can ensure reach, Adeyemo pointed out that blockchain will also create a digital identity that is exclusive and will promote digital financial inclusion.
Oluwabunmi Ogunyemi, the customer support lead at Moniepoint MFB, stated that physical and digital meet with customers, even in rural areas, is a viable means of inclusivity.
