Over 2,000 oil palm farmers in Cross River and Akwa Ibom states now have access to digitized financial services, thanks to a partnership between
Releaf (www.Releaf.africa), a raw material procurement & logistics platform that is making it easy for crops to move from farm to factory, and
OnePipe (https://OnePipe.com), a digital gateway enabling financial services.
Over 65 percent of Nigerians are outside the financial services envelope, with millions unbanked or under-banked. The combination of COVID-19 disruptions and the widening digital divide in the rural and underserved areas has threatened the attainment of financial inclusion targets in Nigeria. This partnership between Releaf and OnePipe is thus a welcome initiative to the National Financial Inclusion Strategy and provides opportunities for thousands of rural farmers across Nigeria’s South-South region.
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James Emejo in Abuja
The Managing Director/Chief Executive, SD&D Capital Management Limited, Mr. Idakolo Gbolade, has urged the Central Bank of Nigeria (CBN) to register more cooperative societies with specific mandate to cater for the needs of the unbanked population in the country.
Speaking in an exclusive interview with THISDAY, he said though measures that had been so far deployed by the apex bank to deepen financial inclusion are novel ideas, cooperative societies are required to ensure that the unbanked population, most of whom are uneducated, have confidence in such technologies.
Gbolade said the government should have cooperatives bodies which are able to translate government policy on financial inclusion especially to those who can neither read nor write or who do not have mobile handsets – so that government’s programme can have effective outcomes.
The Alliance for Financial Inclusion
The Alliance for Financial Inclusion (AFI) is the world’s leading organization on financial inclusion policy and regulation. Currently, nearly 100 member institutions make up the AFI network including central banks, ministries of finance and other financial policymaking or regulatory institutions from over 85 developing countries and emerging markets. AFI empowers policymakers to increase the access and usage of quality financial services for the underserved through sustainable and inclusive policies and an effective use of digital technologies.
Policies developed and implemented by the members of the Alliance contribute to a range of the Sustainable Development Goals. by Setting their own agenda, AFI members harness the power of peer learning to develop practical and tested policy reforms that enhance financial inclusion with strategic support from both public and private sector partners.
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Onofiok Kings, a financial expert with Proficient Capital, a finance company with interest in loans, retail credit, risk management, debt counseling, investment, quality risk assets and contingent liability, headquartered in Abuja.
He believes that Nigeria is a perfect place to apply financial inclusion to its full potential.
In this interview with Abdulkareem Mojeed of PREMIUM TIMES, he speaks about the state of financial inclusion in Nigeria and said emerging nations should implement initiatives that take into consideration the peculiarities of their environments and most critically its local people. With this, he said financial inclusion should rise to a socially acceptable level.