Article Summary

  • Momo Payment Service Bank said it will invest in financial education and mobile financing to bridge the financial inclusion gap in Nigeria.
  • The company said the decision was based on the realization that financial literacy is a major barrier to getting many Nigerians financially included.

Payment service company, MoMo PSB, has said it will be investing in financial education, mobile financing, and other financial solutions, to bridge the financial inclusion gap in Nigeria. The CEO of the company, Eli Hini, disclosed this at a stakeholder forum, held to commemorate the first anniversary of the Payment Service Bank in Nigeria.

Eli noted that the company has identified financial illiteracy as one of the barriers to financial inclusion in Nigeria, hence the plan to invest more in educating Nigerians. In addition to that he added that MoMo would also invest in the provision of mobile phones, especially for people in rural areas to allow them access to financial services on mobile.

Access to financial solutions

While emphasizing the need for financial education for Nigerians, Eli said:

  • “Financial literacy is key in the drive for financial inclusion. This is why we are committed to investing in customer education to ensure people understand basic financial solutions and are able to use them to improve their lives.
  • “This also includes sensitisation to help people understand the value of having access to financial solutions and the impact it has on the quality of their lives.”
  • “MoMo PSB “intends to invest in the provision of mobile phones to rural locations to help improve access to phones which will enable us to provide financial services to our rural communities,” he added.

He also added that MoMo’s large spread in Nigeria will ensure that customers without the luxury of having financial institutions in close proximity can also be financially included.

  • “Limited access to traditional financial institutions is also what institutions like MoMo PSB will address because of our deep distribution and penetration into the rural areas. We believe that we can extend financial solutions to all Nigerians to bridge that gap,” he said.

Collaborations for financial inclusion

Also speaking at the forum the Lagos State Commissioner for Science and Technology, Hakeem Fahm, highlighted some of the ways the state promotes cashless transactions and the importance of collaboration between the public and the private sector to drive financial inclusion.

  • “In Lagos state, we have adapted how we do business to ensure that we embrace cashless payments in most of our transactions, from transportation to paying for government services. If you look around you today, we have adopted a multi-modal transport system from boats, to rails, to buses. We have adopted the cowry card, a payment system you can use for any of our transportation channels.
  • “There is also an opportunity for the private sector to collaborate with the Lagos state government in extending this mode of cashless payments across our other transportation systems like minibuses,” he said

The Forum

Themed “Addressing the Barriers to Financial Inclusion and Cashless Payment in Nigeria”, the MoMo PSB stakeholder forum pulled together industry heavyweights to discuss a way forward for financial inclusion and cashless payments in Nigeria.

The focus was on exploring the current landscape of financial inclusion in Nigeria, highlighting key advancements, addressing challenges, and exploring strategies for the future. The forum also presented MoMo PSB with the opportunity to share some of the fintech’s efforts in driving financial inclusion.