Eli Hini, the CEO of MoMo and PSB Nigeria, emphasized that Nigeria holds a unique advantage over other African nations in terms of achieving success in financial and digital inclusion.
He made this point during a discussion at the 4th MSME and Startup Summit organized by Vanguard and the Economic Forum Series in Lagos.
Hini identified three key areas for enhancing financial and digital inclusion in Nigeria. He mentioned the progress made in agent banking, along with the availability of numerous POS and financial service points.
However, he stressed the need for industry players to leverage these resources to drive innovation and the adoption of digital payments.
A significant point Hini highlighted was the importance of reducing cash withdrawals and encouraging digital payments.
He expressed the necessity for people to use their cards for digital transactions rather than relying primarily on cash withdrawals.
Additionally, Hini emphasized the need for deeper collaboration between traditional banks, FinTechs, Payment Service Banks, and other payment service platforms.
He recognized that while traditional banks have limitations, FinTechs and payment service operators possess advanced technologies that can reach a broader audience at a lower cost.
The final factor he discussed was education and information dissemination. Hini underscored the significance of spreading awareness about available solutions and services, enabling people to make informed decisions regarding their financial options.
Hini also explained how MoMo PSB is contributing to financial inclusion in rural areas.
Leveraging its parent company MTN’s retail networks, MoMo PSB has effectively reached every corner of Nigeria.
The company collaborates with small businesses to provide agent services, extending financial solutions to communities engaged in various forms of economic activity.
In conclusion, Hini’s insights highlight the potential for Nigeria to excel in financial and digital inclusion by addressing these critical areas of improvement.
