Adekunbi Ademiluyi, Managing Director of HumanManager Limited (HML), a leading provider of human resources management solutions in Africa, has stressed the need for a holistic Identity Management System (IMS) to achieve financial inclusion.
She said this as a Keynote Speaker at the inaugural Nigeria Fintech and Financial Inclusion Roundtable held recently in Lagos, Nigeria.
According to EFInA, a UK government-backed firm dedicated to deepening financial inclusion in Nigeria, the percentage of adult Nigerians with formal financial services – including bank accounts, insurance, and mobile money – rose to 64 percent in 2023 from 56 percent in 2020. However, only 52 percent of Nigerians have a bank account, as poverty continues to hinder a more comprehensive adoption.
Against this backdrop, the inaugural Nigeria Fintech and Financial Inclusion Roundtable was convened to explore innovative solutions and strategies for advancing financial inclusion as Nigeria is yet to achieve its 2024 goal of getting 95 percent of its population banked.
The event featured keynote speakers and panellists including our Managing Director, Adekunbi Ademiluyi; GMD and Chief Executive Officer, Unified Payment Services Limited, Dr Agada Apochi; Head of Group Communications, Security Exchange Commission, Mrs Joy Utubo; and Group Chairman, Nigerian Exchange, Alhaji (Dr) Umaru Kwairanga.
Ademiluyi underscored the significance of identity management in achieving financial inclusion while establishing HumanManager’s innovative Employee Information System (EIS) and financial services.
She said: “Financial inclusion begins with identity. Once an individual’s identity is established, a financial account can be opened in their name. When people are integrated into an identity management system through fintech, their money can be securely circulated within the system, promoting greater financial access and inclusion.”
Adekunbi further emphasised the need for collaboration between banks and fintechs, saying it can unlock new opportunities, drive innovation, and ultimately deliver better financial service to customers.
“Initially, banks attempted to compete with fintechs, but they have since realised that collaboration is the way forward. By working together, fintechs can continue to reach out to individuals and facilitate account openings,” she added.
She also described how HumanManager has played a major part in improving people welfare and their financial empowerment. “We offer freemium solutions on our app such that anyone can learn to improve their welfare.”
In his keynote address, Dr. Agada Apochi stated that financial inclusion is closely knitted with economic status and only those who are economically empowered can be financially included.
“We cannot sustain the impact of financial inclusion without prioritising economic inclusion. Beyond achieving individual or organisational economic growth, we can lift millions of Nigerians out of poverty by including them economically and financially” he said.
The inaugural Nigeria Fintech and Financial Inclusion Roundtable fostered a collaborative environment where industry experts and stakeholders engaged in constructive dialogue and explored innovative strategies to drive financial inclusion in Nigeria.
As the country continues its journey towards achieving comprehensive financial inclusion, the insights and recommendations gleaned from this event will undoubtedly catalyse positive change, ultimately empowering millions of Nigerians to access financial services and participate fully in the nation’s economic growth.