Lagos State gubernatorial candidate, Babajide Sanwo-Olu joins a panel of experts to discuss how to make financial inclusion a reality in Nigeria

The session focuses on financial inclusion and how access to banking services, credit, savings, insurance and others help an economy to grow.

Babajide Sanwo-Olu during a panel session at the SMWLagos 2019
  • Babajide Sanwo-Olu urges the CBN to expedite action on the Payment Service Banks initiative.
  • He said if elected, his government will engage the poorest of poor on financial inclusion.
  • Dr Olayinka David-West, academic director at Lagos Business School , make a call for the use of traditional institution to bring unbanked population into the financial space.

Lagos State gubernatorial candidate, Babajide Sanwo-Olu discussed ways to improve financial inclusion in Nigeria at the Social Media Week Lagos 2019.

Sanwo-Olu, a former investment banker featured at the session tagged; 'Inclusion for all: Making financial inclusion a reality in Nigeria'.

On the panel also include, Nkem Okacha, founder of Mama Moni Nigeria, Jay Alabraba, Co-Founder & Director of Business Development, Paga Tech, Nurudeen Abubakar Zauro, a technical advisor, financial inclusion Secretariat of the CBN and Dr Olayinka David-West, academic director at the Lagos Business School.

The session focused on financial inclusion and how access to banking services, credit, savings, insurance and others help an economy to grow.

On his part, the gubernatorial candidate asked the Central Bank of Nigeria (CBN) to work quickly work out modalities on the Payment Service Banks (PSB) document so as to bring the unbanked population into the financial space.

“I want to urge the apex bank to ramp up the conversation and work with the telecoms to meet its set target of 80% financial inclusion by 2020.”

He said if elected, his government will engage the poorest of poor on financial inclusion and bring them into the financial activities of Lagos.

Other highlights from the event include:

Jay Alabraba, Co-founder Paga Tech

Alabraba said the focus of his team was to build an agent network across the country and make payment service easy.

Dr Olayinka David-West, academic director at Lagos Business School

David-West believed that financial inclusion is access to sustainable services serving as a safety net for millennials.

She urged the use of traditional institution by exploring cultures to bring local dwellers into the financial space.

Nurudeen Abubakar Zauro - CBN representative

Zauro, a technical advisor, financial inclusion Secretariat of the CBN, dismissed insinuation that the government interventions are not across the sectors of the economy.

He said the Payment Service Bank initiative of the CBN will address fintech and regulate activities of mobile money operators in the country.

He said the apex bank will launch a mobile payment platform by the end of the first quarter as everything is set to roll out.

Lehlé Balde, Senior Associate for Partnerships at Business Day Newspaper, moderated the panel session.

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