Foyinsolami Akinjayeju, chief executive officer (CEO) of Enhancing Financial Innovation and Access (EFInA), says the organisation is collaborating with the Nigerian Communications Commission (NCC) and other relevant agencies to expand connectivity in Nigeria.
Akinjayeju spoke on Friday during the unveiling of EFInA’s new brand identity and corporate strategy in Lagos, themed “Beyond Financial Inclusion: A New Chapter Unfolds for EFInA”.
According to the CEO, limited infrastructure is hindering financial inclusion in Nigeria despite the country’s high mobile and internet penetration rates.
She, however, noted that there are ongoing projects aimed at expanding connectivity to rural areas across Nigeria.
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“The reason some people are still excluded is because infrastructure is limited, it is not getting to them,” Akinjayeju said.
“However, there are ongoing projects to bring connectivity to rural parts of Nigeria.
“With mobile penetration at over 90 percent — almost everyone has a phone, whether a basic phone, a feature phone, or a smartphone—once connectivity improves, technology will open up access for many more people.”
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Also, the CEO said having banks in every community is not feasible, noting that the best way to encourage financial service usage is by ensuring accessibility, even through financial service agents.
“But even that, there is a limitation to how far people can go. So it is using mobile technology, for example, digital technology, connectivity across the country and we are working with the NCC and different other agencies that can make that happen,” she said.
Akinjayeju added that there are also many service providers looking to expand connectivity across Nigeria because it is a valuable opportunity.
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