In service to the poor
By
Nkem Okocha
Africa is home to six of the 10 fastest growing economies in the world but is also home to seven of the 10 most unequal societies in the world. Nigeria features on both indices and the economic hardship of the COVID-19 pandemic means that Nigerians are falling into poverty at a faster rate.
The World Bank estimates that a further 15 – 20 million Nigerians will be impoverished by 2022. One of the biggest barriers to economic equality is access to finance, making financial inclusion a necessary condition for development and poverty alleviation.
The gap in access to much-needed credit is being felt by much of Nigeria’s informal economy. There are noteworthy efforts being led by a variety of private and public sector initiatives committed to preserving our informal sector and its players – mostly the working poor – while ensuring that the country can continue to harness the benefits of its economic activities through the provision of l