Vice President Kashim Shettima emphasised the importance of financial Innovation in advancing Nigeria’s economic and financial inclusion goals. He highlighted President Bola Tinubu’s administration’s dedication to integrating over 30 million unbanked Nigerians into the formal financial system, stressing the need for immediate action. During a high-level policy dialogue in Washington, D.C., Shettima initiated a call to action. The gathering at George Washington University united government officials, regulators, law enforcement agencies, and Fintech industry leaders from the country. The main goal is to use innovative strategies to promote a sustainable and inclusive financial system within the country.
As reported by his media assistant, Stanley Nkwocha, the vice president, spoke to the attendees through a virtual meeting. He emphasised President Tinubu’s dedication to the administration’s Renewed Hope Agenda and urged the participants to work together to create a sustainable strategy that promotes inclusive payment methods for economic and financial inclusion goals. During the discussion, various limitations in the nation’s fintech industry were brought up, such as regulatory supervision, worries about security, and lack of trust, which have slowed the acceptance of new financial technologies.
Stakeholders stress cooperation for financial efficiency in the sector.
Attendees brainstormed on ways to improve teamwork between different agencies and boost the efficiency of the financial sector. Also, Senator Ibrahim Hadejia, the Deputy Chief of Staff to the President, emphasised the importance of each government agency working together to achieve the common goal of economic and financial inclusion, as led by the Office of the Vice President. Furthermore, Philip Ikeazor, the deputy governor responsible for financial system stability at the Central Bank of Nigeria (CBN), emphasised the importance of continued cooperation between all stakeholders to reach the Aso Accord on Economic and Financial Inclusion goals.
Kashifu Inuwa Abdullahi, the Director General of the National Information Technology Agency and Tosin Eniolorunda, the General Managing Director (GMD) of Moniepoint, stressed the need for collaboration between the government and Private Sector to improve digital solutions and financial Literacy to build trust in the payment system. By merging these two aspects, they can address the concerns and barriers preventing people from fully embracing new Fintech solutions. This partnership will promote economic and financial inclusion and create a more transparent and secure environment for all stakeholders involved in the financial ecosystem.
Collaboration is necessary to promote economic stability in the country.
Dr. Nurudeen Zauro, the Technical Advisor to the President on Economic and Financial Inclusion, stated the event’s significance as a platform for providing crucial information to the Vice President’s Office to improve decision-making processes related to economic and financial inclusion. The discussions at the event centred around suggestions for enhancing regulations, facilities, and collaboration among stakeholders. Participants emphasised the importance of taking practical steps and ensuring transparent responsibilities to effectively address challenges and drive progress in advancing businesses and financial inclusion initiatives. The event catalysed constructive dialogue and potential action towards achieving inclusive market growth.
In addition, prioritising financial inclusion in the country will offer more benefits and strengthen the economy. This includes stimulating market growth by integrating unbanked people nationwide into the formal financial system. This integration enables access to financial services, credit, and Investment opportunities, promoting entrepreneurship and reducing poverty. Also, fiscal inclusion enhances Financial Stability by broadening the Tax base and improving Revenue generation, which supports national development projects and social Welfare programs, ultimately contributing to a more equitable and prosperous society.
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Moreover, financial integration promotes social cohesion by reducing Income Inequality and ensuring that marginalised communities can access financial resources and opportunities. This inclusivity helps mitigate social unrest and enhances the overall well-being of citizens. By empowering individuals and small businesses with financial tools and services, business inclusion drives innovation, increases productivity, and creates a more resilient Economy capable of withstanding global market fluctuations. In the long term, prioritising market inclusion leads to Sustainable Development and improved quality of life for all Nigerians.