There are 61.1 million active bank accounts in Nigeria while active mobile lines are 149 million. From these figures, the Nigerian banking sector obviously has something to learn from telecommunication companies in order to reach out to the unbanked and under-banked population in Nigeria in what is known as financial inclusion.
With this in mind, Nigeria’s most innovative telecommunications company, Etisalat, restated its commitment to the Federal Government’s programme to ensure financial inclusion for all strata of the Nigerian population.
Director, Digital Business, Etisalat Nigeria, Adia Sowho, affirmed the company’s support while making a presentation titled ‘A Telco’s Perspective on Financial Inclusion’, at the 10th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN), which held in Abuja, recently.
She said telecommunication companies in Nigeria have a lot to offer in helping the Nigerian government to achieve some of the set goals of the financial sector especially the attainment of the financial inclusion goals of the Central Bank of Nigeria (CBN).
“Etisalat plays a significant role with regards to financial inclusion because of our partnership with Guaranty Trust Bank on the GTEasySavers Account, which has been well embraced by Nigerians. At Etisalat, we are willing to partner with more financial institutions to reach out to the unbanked and under-banked population in Nigeria”, she disclosed.
Telecommunications companies in Nigeria such as Etisalat have some customer data advantage that financial institutions in Nigeria can benefit from in order to deepen their penetration and solicited stronger collaboration among players in both sectors.
Etisalat Nigeria recently won the 2016 MobileMoneyExpo Kalahari Financial Inclusion Product of the Year Award for its contribution to the growth of the financial sector of the economy with its mobile money product, GTEasysavers. This product is the joint effort of Etisalat Nigeria and Guaranty Trust Bank and seeks to improve savings culture and financial inclusion.