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Mr. Mayowa Adeduro, Managing Director/CEO, Tangerine General Insurance Limited, says that over 133 million Nigerians are at the risk of dying of poverty due to lack of access to financial inclusion.

Adeduro, who spoke at the SUPERNEWS Nigeria Fintech23 Conference in Lagos added that there is a nexus among poverty, education and financial inclusion, noting that this is the reason the Federal Government needs the contribution and action plan of many stakeholders to achieve the goal.

“The banking sector just have 50 percent of the adults in the banking circle. It is even worse in the insurance sector, which has less that one percent penetration level in terms of population.

The Tangerine General CEO said: “To resolve this, the adoption of fintech has been highlighted as a critical tool to the financial inclusion drive. There is need for fundamental investment of infrastructural development in IT and Fintech as being done in Europe and other developed economies.

“There is also the need to have massive education because the illiteracy rate that we have at present cannot sustain the type of financial infrastructure that we are clamouring for. So, companies need to do more in investing in educating the people.”

Also speaking at the event, Mr. Oluseye Olusoga, the Group CEO of Parthian, welcomed innovations to be created by opportunities and challenges inherent in embracing Fintech as a tool for promoting financial inclusion in the country.

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“Opportunities yes, but there are also challenges. We know the infrastructural challenges. We know that sometimes, the Fintech fails and it comes with a lot of concerns but l am not worried about this because the interesting thing you see is that when technology comes up and you have more advancements and you see more customers’ needs, it creates innovation and that innovation is what we need” he said.

Source: Business Journal

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