Forum to Address Financial Inclusion Gap

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By Emma Okonji

In order to bridge the existing gap in the country’s financial ecosystem, where regular account activity of customers is put at 36 per cent, the organisers of Digital PayExpo, have said new technology innovations that are geared towards addressing financial inclusion gap in the country would be on display at this year’s Digital PayExpo, scheduled to hold next week in Lagos.

Announcing the technology innovations that will address financial inclusion gap at a press conference in Lagos, the Managing Director, Intermarc, Jacqueline Jumah, said: “Despite many transformative innovations and initiatives in driving financial inclusion and increasing adoption levels among customers, regular account activity remains a challenge at 36% activity levels. There appears to be a greater focus on increasing the number of included customers rather than a focus on the user experience and innovation that drives adoption and the long-term account usage, especially for middle and low-income segments. Providers therefore lose out on profitability by failing to optimize the customer value proposition, and this has caused increasing concerns as to whether financial inclusion is sustainable, or whether financial service providers can deliver financial inclusion through commercially viable businesses.”

Jumah, who was represented by the Marketing and Event Associate at Intermarc, Haulat Musa, however, explained that new technology solutions that would be on display at the Digital PayExpo, would go a long way in addressing some of the challenges.

According to her, “This year’s agenda seeks to address the increasing need to understand the business case for financial inclusion and to leverage technological innovation to improve the customer value proposition in financial services, through commercially viable approaches.”