How digital technology is helping Nigerians access better banking solutions

Entry Financial institution has all the time discovered modern methods of utilizing cellular expertise to assist Nigeria’s largely unbanked inhabitants entry monetary companies&nbsp






Creator: Ade Bajomo, Government Director (IT and Operations), Entry Financial institution


January 30, 2020

Earlier than the Nigerian monetary sector underwent a major transformation, banks have been seen as unique areas for a choose portion of the inhabitants – locations the place high-earning people have been the one ones entitled to world-class banking services and products. This false impression left a big a part of the inhabitants unbanked and unable to profit from important monetary companies.

Digital expertise has confirmed to be a extremely efficient device in altering this narrative, driving a change in working and enterprise fashions, enhancing platforms for innovation and creating immense alternatives for monetisation. The expertise panorama continues to alter by the unending rollout of quicker, extra accessible networks, impacting each element of service supply – particularly within the banking business.

Cell cash has been one of the vital revolutionary applied sciences launched in Africa lately

The Nigerian Communications Commission reported that there have been roughly 172 million telephone subscribers within the nation in 2018, which implies that 90 % of residents can execute transactions on their telephones. There’s little excuse, then, for Nigeria’s low stage of monetary inclusion – simply three in 10 Nigerian adults have a checking account, in accordance with Kantar.

Access Bank has all the time discovered modern methods of utilizing cellular expertise to succeed in the unbanked. For instance, its fashionable Unstructured Supplementary Service Information code, *901#, makes it attainable for anybody, wherever, to entry monetary companies utilizing their cell phone. If Nigeria is to attain its targeted monetary inclusion fee of 80 % by the tip of this 12 months, extra options like this can must be launched.

Cellphone credit score
Cell cash has been one of the vital revolutionary applied sciences launched in Africa lately. M-Pesa, a cellular cash switch and financing service, went viral in Kenya following its launch in 2007 – due, largely, to its customer-centric mannequin – and there are hopes that related options can show fashionable elsewhere.

In Nigeria, authorities insurance policies at the moment are catching up with the buyer shift in direction of monetary expertise. This has damaged down boundaries for monetary establishments and is enabling quicker, more practical communications between prospects and banks. Entry Financial institution has launched Entry Closa as a means of harnessing the digital revolution and forging stronger connections with shoppers.

The Entry Closa initiative creates ‘micro branches’ throughout the nation within the type of cubicles positioned in native neighbourhoods. Like cellular cash choices, the initiative goals to make monetary companies accessible to all. The cubicles are extra approachable than branches, that means banking brokers are extra out there to prospects and might tailor their companies to the particular wants of the group through which they function.

Main the best way
The expertise panorama is proving to be huge and helpful for the Nigerian financial system. Digital innovation helps discover options to many points and has a constructive ripple impact throughout numerous sectors. Entry Financial institution has invested closely in main this evolution, forming a partnership with the Africa Fintech Foundry (AFF) to nurture the subsequent technology of cutting-edge monetary companies.

As a pan-African accelerator, the AFF is designed to search out and put money into start-ups that undertake a worldwide outlook whereas nonetheless specializing in Africa. Earlier this 12 months, it organised the AFF Disrupt Convention, bringing collectively greater than 10,000 expertise leaders, fans, innovators and buyers within the hope of ‘constructing a sustainable tech financial system’.

The occasion offered a possibility for networking, information sharing, shows and pitches, with one start-up being awarded a money prize of $10,000. Such conferences give expertise start-ups a platform to attach with their friends and potential buyers in each the monetary and expertise areas.

Entry Financial institution goals to harness the perfect that Nigeria has to supply and form the nation into a number one nation

As a pacesetter inside the Nigerian banking business, Entry Financial institution has totally embraced digital expertise, principally to propel its sustainability targets. An thrilling initiative is the portal for CO2 administration, which was developed to observe the financial institution’s environmental footprint, particularly its carbon emissions.

Moreover, we’ve got digitalised the financial institution’s back-office processes and capabilities by the deployment of a enterprise course of administration answer and we’ve got adopted enterprise useful resource planning software program as a part of our efforts to turn into a 100 % paperless organisation. At the moment, greater than 89 processes have been automated, with extra on monitor to be applied within the coming years.

Altering the narrative
For a few years, a lot of the reporting on Africa has been devoid of understanding, resulting in widespread misinformation. Such conversations, which appeared virtually malicious, grew to become so loud and pervasive that each Africans and non-Africans practically believed that Africa was certainly a darkish and hopeless continent. The scenario worsened till robust, influential African voices started talking up, ending the vicious cycle and making others see the nice in Africa and, extra importantly, reminding us of our true id.

Entry Financial institution chooses to rejoice the numerous successes popping out of the continent, defying the detrimental stereotypes and nurturing the indomitable spirit of Africans. The intention is to harness the perfect that Nigeria has to supply and form the nation into a number one nation that fills its residents with delight. All of us wish to see enchancment, so we should work collectively to alter the narrative.

An thrilling and helpful area is the work to enhance monetary inclusion in Nigeria. Because the digital panorama evolves, we consider that extra Nigerians will likely be introduced into the fold, getting access to extra monetary companies with out limitations.

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