Stanbic IBTC continues to drive financial inclusion in Nigeria

LAGOS, Nigeria – Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has continued in its efforts to support the Federal Government’s drive to achieve a 95 percent financial inclusion rate by 2024.

The foremost financial institution reaffirmed its commitment to further deepen financial inclusion in the country during the masterclass session tagged “Tech and Financial Inclusion” at the Social Media Week (SMW) Lagos. This event kicked off on Monday, 24 February 2020 at Landmark Centre, Lagos.

In his opening remarks, Wole Adeniyi, Executive Director, Personal and Business Banking, Stanbic IBTC Bank PLC said that the organization was working effortlessly to overcome the challenge of bringing the financially excluded, especially the informal sector, into financial inclusion. 

He said: “Stanbic IBTC Bank PLC is driving financial inclusion through value-added services and our @ease wallet is one of the platforms we have created to reduce friction and ensure that customers get access at scale. When you open it, within two minutes, you are able to access a broad range of financial services.”

He revealed that the partnership of the parent company of Stanbic IBTC Holdings PLC, Standard Bank Group, with Founders Factory Africa (FFA) is in a bid to deepen financial inclusion in Africa. It has led to the selection and investment into five fintech startup businesses from Nigeria, Ghana, Kenya, and Uganda. The partnership is building and scaling 140 tech-based startups for global networking and partnership opportunities.”

Other panelists at the masterclass were: Nkemdilim Begho, Founder and Managing Director, Future Software Resources Limited; Femi Omogbenigun, MD/CEO, 3Line Card Management Limited and Dayo Ademola, Head of Innovation, Enhancing Financial Innovation and Access (EFInA). The session was anchored by Emmanuel Aihevba, Head, Customer Digital Channels, Stanbic IBTC Bank PLC.

Nkemdilim Begho shared insights on the need for banks, fintech companies, and stakeholders to bridge the gap between the financially excluded, especially the underbanked and unbanked, by providing unique financial products and services.

In a similar vein, Femi Omogbenigun advised stakeholders to adopt technology in their operations because data has shown that in order to achieve Nigeria’s financial inclusion target of 2024, technology will play a major role.

Dayo Ademola, on the other hand, spoke about the need to drive financial inclusion through financial literacy. She identified communication as an important tool that financial stakeholders can leverage to deepen financial inclusion, specifically for the people in rural areas. She said: “Without the citizens getting fully abreast of the need to be financially included, it will be difficult to meet up with the CBN target.

The SMW Lagos is a week-long conference aimed at creating opportunities for Africa’s most innovative minds. The event also provides ideas, trends, and insights for professionals in business, marketing and technology.