NowNow, LBS Launch New Program to Drive Financial Inclusion
African B2B and B2C FinTech company, NowNow has partnered the Lagos Business School’s (LBS) Sustainable Inclusive Digital Financial Services (SIDFS) to initiate a financial education and literacy program aimed at driving Nigeria’s financial inclusion growth.
NowNow will utilize SIDFS’s rich data, library content, and resources to provide financial and digital literacy tools for its customers to ensure smart financial planning. Most of NowNow’s customersNigerians have never had a bank account, so it’s the company’s social mission to provide the proper educational support.
The Lagos Business School with the support from Bill and Melinda Gates Foundation launched the Sustainable Digital Financial Services Project in Nigeria in 2015,2016. The initiative engages in research and advocacy projects with the goal of creating an inclusive ecosystem for financial services and understanding.
Partnership Director of NowNow Digital Services, Lekan Akinjide, said: “We strongly believe that financial inclusion should be complemented by financial education. In this regard, we are excited to partner with the Sustainable and Inclusive Digital Financial Services of the Lagos Business School to provide financial literacy directly to Nigerians. Our partnershipswith SIDFS is critical to moving the financial inclusion needle to ensure citizens have the necessary knowledge and skills to use financial services.”
Also speaking on the partnership, the Programme Lead at SIDFS), Olayinka David-West, said: “Since 2016, LBS’ Sustainable and Inclusive Digital Financial Services has supported the financial services ecosystem with rich evidence-based insights, particularly about women, youths, and rural dwellers, who are the most excluded groups. Research shows that financial literacy is a driver of financial inclusion and providing financial education can produce outstanding results in the quest to integrate excluded people into the formal financial system. We are excited to work with NowNow to improve financial literacy among Nigeria’s most excluded demography and look forward to the impact and outcome of our collective efforts.”