Ecosystem: Leaders in the Nigerian Financial Services Industry convene in Abeokuta to discuss Policy Reform and Regulations
Our first major convening of industry leaders to identify market-enabling policies to drive financial inclusion
The rise of mobile and digital technologies have enabled improved access to digital financial services which has proven an effective vehicle for driving financial inclusion amongst previously excluded individuals and regions.
Access to financial services is a critical factor in the transition in and out of poverty — and while there has been significant progress in driving financial inclusion around the world, globally two billion people remain unbanked. In Nigeria, 4 out of every 10 adult Nigerians are financially excluded — and there is still much work to be done to reach the Central Bank’s goal of 80% financial inclusion by 2020.
On the 4th of August, 2017, Sustainable and Inclusive Digital Financial Services will be hosting major stakeholders in the Nigerian digital financial services ecosystem to a three day Consultative Working Group (CWG) session in Abeokuta. This CWG is part of an ongoing project, supported by the Bill & Melinda Gates Foundation (BMGF), to identify sustainable business models for delivering digital financial services to the unbanked poor and increasing financial inclusion in the country.
The Consultative Working Group convening will bring together key stakeholders and decision-makers to engage on policy interventions that will enable and support the delivery of DFS to the unbanked poor. Participants will also explore the opportunities and implications of policy and legal frameworks around consumer protection, privacy, identity (KYC) and other relevant themes on the business of DFS.
Leading DFS experts, academics, legal practitioners, and entrepreneurs will lead interactive participant discussions on current industry constraints with a view to identifying relevant policy interventions. Also in attendance will be Chief Compliance Officers of banks, heads of digital banking, financial services regulators, mobile money operators, switches, mobile network operators, insurance companies, pensions companies, micro finance banks, FinTechs, non-interest banks, agent aggregators, legal practitioners and consumers.
“The CWG is a stakeholder engagement to aid the digital financial services ecosystem by identifying market-enabling policies that will support DFS growth and financial inclusion objectives. After the various consultations on policy and legalisation, we hope to provide some guidance for policy reform and change,” said Dr. Olayinka David-West, Project Leader, Sustainable and Inclusive Digital Financial Services.
