Moniepoint Inc. has highlighted the importance of a collaborative and holistic stakeholder approach in advancing financial and economic inclusion in Nigeria.
During a recent high-level policy dialogue in Washington, DC, between the Nigerian government and private sector stakeholders, Moniepoint Inc.’s Group CEO and Co-Founder, Tosin Eniolorunda, emphasized the need for public-private partnerships to address trust issues that have hindered the adoption of innovative fintech solutions for economic and financial inclusion.
Landmark report
“Moniepoint has long championed the importance of financial inclusion and financial happiness. Building trust with the public and government, improving business and consumer access to the financial system are critical issues that are aligned to our philosophy. As testament to our commitment, we recently launched a landmark report investigating Nigeria’s informal economy, highlighting opportunities to widen financial inclusion to historically underserved communities. The outputs from this strategic gathering will go a long way in bolstering Nigeria’s economy even as closer linkages are formed from public-private collaboration which will be a huge boost to the overall development and competitiveness of the larger financial services industry.” says Eniolorunda
The event, held at George Washington University, brought together government officials, regulators, law enforcement agencies, and fintech industry leaders. Its goal was to explore innovative approaches to fostering a sustainable and inclusive financial system in Nigeria.
30 million unbaked Nigerians
Vice President Kashim Shettima, speaking via video conference, emphasized the urgent need for financial innovation to advance Nigeria’s economic and financial inclusion agenda. This effort supports President Bola Ahmed Tinubu’s administration’s commitment to integrating over 30 million unbanked Nigerians into the formal financial sector as part of the Renewed Hope Agenda.
“We must develop a sustainable collaboration approach that will facilitate the adoption of inclusive payment to achieve our objective of economic and financial inclusion.” states Shettima
The dialogue addressed critical challenges in Nigeria’s fintech ecosystem, such as regulatory oversight, security concerns, and trust issues that have impeded the widespread adoption of innovative financial solutions. Participants explored strategies to improve interagency collaboration and enhance the overall effectiveness of the financial services sector.
Aso Accord on Economic and Financial Inclusion
Deputy Governor, Philip Ikeazor of the Central Bank of Nigeria responsible for Financial System Stability, underscored the need for continuous collaboration among all stakeholders to achieve the goals outlined in the Aso Accord on Economic and Financial Inclusion.
Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa Abdullahi advocates for “a digital-first approach and the fusion of digital literacy with financial literacy to address trust issues affecting the inclusive payment ecosystem.”
Technical Advisor to the President on Economic and Financial Inclusion, Dr. Nurudeen Zauro explains that the gathering aims to develop into a mechanism for providing relevant information to the Office of the Vice President, thereby facilitating effective decision-making for economic and financial inclusion.
Key takeaways
The event generated several recommendations on rules, infrastructure, and coordination, emphasizing actionable steps and clear accountabilities. As discussions progress, Moniepoint remains committed to using its expertise and technology to support the government’s financial inclusion objectives and foster a more inclusive financial system for all Nigerians.
Other notable speakers included Inspector General of Police Mr. Kayode Egbetokun; Professor Pape Cisse, Executive Director of the Center for Curriculum Development and Learning (CCDL) at George Washington University; Mr. Reginald Emordi, Assistant Vice President at Merrill Lynch Wealth Management; Mr. Lars Benson, Regional Director for Africa at the Center for International Private Enterprise (CIPE); The Honorable Sheila Cherfilus-McCormick, U.S. Congresswoman representing Florida’s 20th congressional district; and Prof. Olayinka David-West from Lagos Business School, among others.
 
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