Scale2Save Talks Inclusive Financial Services for Economic Recovery | The Guardian Nigeria News

Inclusive financial services for women, youth and farmers have been described as the antidote to fuel Nigeria’s economic recovery and growth.

This was the submission from financial stakeholders at the Scale2Save financial inclusion knowledge sharing event, organized by the World Savings and Retail Banking Institute (WSBI) program for financial inclusion

Scale2Save is a six-year program of the World Savings and Retail Banking Institute in partnership with the Mastercard Foundation, aimed at establishing the viability of low-balance savings accounts and determining how savings help vulnerable people in society. enhance their financial well-being.

In her keynote address, Scale2Save Program Manager, Weselina Angelow, who highlighted the importance of stakeholder knowledge sharing events in Nigeria’s quest for inclusive growth and economic development, reiterated the need for all stakeholders to be part of a discourse based on knowledge and ideas, such as to improve their processes and make informed decisions in financial inclusion.

Angelow said Scale2Save’s mission is to support financial inclusion initiatives to help millions of Nigerian youth, women and farmers. “We are focused on adding value to all stakeholders along the service value chain by enabling our financial service provider partners to become savings-driven, customer-centric institutions,” she said.

The Head of the Central Bank of Nigeria (CBN) Financial Inclusion Secretariat, Dr. Paul Ihuoma Oluikpe, highlighted the need for financial service providers to target specific customer needs with financial inclusion products.

The head of the financial inclusion group, FCMB, Adetunji Lamidi, said that financial illiteracy is a major barrier to financial inclusion.

“What we see is a situation where a lot of Nigerians still have this over-reliance on the informal financial sector. It takes a long process of building trust to move them from the informal sector, which they know well, to the formal sector. This is why most financial service providers have adopted bank branches where local residents are used as bank representatives. This helps build trust, confidence and convenience in our financial inclusion strategy. »

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