• Access to loan, AI, and financial inclusion form part of the discussion at the 2019 KPMG Digital Summit.
  • Elechi Nwokah, CEO of Mines, says access to a loan is essential for human survival and economic growth.
  • He says the inability to access loans posed a human impact on livelihood and the economy.

Less than 5% of Nigerian citizens have access to formal financing, which posed a serious human impact on society.

Access to loan, Elechi Nwokah, CEO of Mines, said it is an essential ingredient for human survival and economic growth.

Nwokah stated this at the 2019 KPMG Digital Summit, themed, "Leveraging Insights and Experience to Scale," on Tuesday, November 26, 2019, at the Eko Hotels and Suites Convention Centre, Victoria Island, Lagos.

Elechi Nwokah, CEO of Mines, at the KPMG Digital Summit 2019
Elechi Nwokah, CEO of Mines, at the KPMG Digital Summit 2019

He said the inability of Nigerians to have access to loans is a real problem and posed serious questions to how people can climb into the middle-income ladder in society.

"It is difficult for people to climb into middle income if they don't have access to a loan. It's a big problem we need to solve.

“The actual human impact is on livelihood and the economy, painting scenario of a taxi driver with a flat tyre that needs a quick loan to fix it so he can continue driving and make money."

“There are billion of these cases over the world with significant human impact and that's what we are out there to solve," he added.

Elechi Nwokah, CEO of Mines, making a presentation at the KPMG Digital Summit 2019 at the Eko Hotel and Suites, Lagos
Elechi Nwokah, CEO of Mines, making a presentation at the KPMG Digital Summit 2019 at the Eko Hotel and Suites, Lagos

He said, in the last two years, Mines has received 7 million loan applications, approved 1 million and disbursed N36 billion.

The 2019 KPMG Digital Summit was the third in a series of events designed by KPMG to provide insights to organisations on how to leverage digital to create and capture transformational value, per pre-event press release made available to Business Insider SSA.