‘Unbanked Nigerians Can be Captured Through Fintech’

Oluchi Chibuzor
The Chief Operating Officer of Microvest, Mr Rob Okiyi, has said millions of unbanked Nigerians can be captured through fintech companies in the country.

This is as he urged the government to support fintech companies through tax holidays, considering their economic importance in reducing unemployment.

Speaking as part of Microvest’s launch activities held recently, he said: “A tax holiday is something the government can consider for start-up Fintech companies. And who says the government cannot invest in Fintech? I think regulation should not stifle the industry and the government should avoid levying them heavy taxes initially.

“Besides, the Central Bank of Nigeria (CBN) has been preaching financial inclusion, but there is still a large unbanked population. They can leverage Fintech to get to these people. There are facets of fintech that can be used to access the unbanked.”

Okiyi said Microvest is offering an alternative saving and investment platform that is credible.

“Most people have savings with traditional banks, but we’re providing a platform where you can save and earn interest towards a particular goal. Instead of having money deducted from your account, you are rewarded for saving with us; We are encouraging financial discipline while giving people an opportunity to grow with us,” he said.

Microvest’s products, he said, include MiSafe, which avails users the opportunity to make untenured contributions, accessible at any time for withdrawals; and MiTarget, a contribution variant designed for saving towards a project.