Access to financial services is a critical factor in the
transition in and out of poverty—and while we have made significant progress in
driving financial inclusion around the world, two billion remain unbanked
globally. In Nigeria, 4 out of every 10 adult Nigerians are financially
excluded—and there is still much work to be done to reach the national goal
of financially serving 80% of Nigerians by 2020.
On January 21, 2016,
Lagos
Business School (LBS) launched a new research project titled “Sustainable
business models for delivering digital financial services to lower income
unbanked citizens of Nigeria.” In conjunction with the
Bill & Melinda Gates Foundation,
the project seeks to better understand the delivery and access constraints, and
the barriers to developing viable business models that will drive financial
inclusion for all Nigerians.
Here are key takeaways to remember from this project:
- Poverty is not a static condition. Millions of Nigerians
transition in and out of poverty each year, but access to digital financial services,
like a mobile wallet or digital bank account, can help people pull themselves out
of poverty for good. Let’s expand #FinancialInclusion in #Nigeria. We can build
a more inclusive, vibrant economy for all!
- Fact: it’s expensive to be poor. But with
digital banking, the poor can better manage resources and save for the future.
Be a part of building an economy that includes and benefits everyone. Lack of
access to #FinancialServices can make being poor even more challenging. Going
#digital could help change this in #Nigeria. #DigitalFinancialServices can help
reduce those costs & allow Nigerians to save for the future.
- Financial exclusion remains prevalent in Nigeria.
Lagos Business School
is working to understand how we can build an effective digital financial system
that is practical and appealing for everyone—no matter where they are. Access
to #FinancialServices can help alleviate the stresses of poverty. Help
Nigerians help themselves #Nigeria
- By 2020, Nigeria aims to have 80% of its
population financially served. We’re at 60% today. #DigitalFinancialServices can help us get there! By understanding the
challenges and being creative in finding solutions, we can reach our goal of
building a more inclusive economy for all.
- Innovation is critical to expanding financial
inclusion in Nigeria. This year, Lagos Business School
students will develop potential business models to help the private sector
bring innovative digital financial services to our unbanked poor. Innovation is the key to greater #FinancialInclusion
in #Nigeria. What’s your big idea?
Follow Lagos Business School on
Facebook
and
Twitter for more information about this groundbreaking project.
