IFIC’22: NIBSS to join industry stakeholders to discuss financial inclusion

THE Nigeria Inter-Bank Settlement System (NIBSS) is set to join other industry stakeholders to examine the opportunities, identify concrete solutions and interventions that would ensure the achievement of the nation’s financial inclusion objectives at the International Financial Inclusion Conference (IFIC) on November 24 and 25, 2022 in Abuja, Nigeria.

Themed, ‘Financial Inclusion for all: Scaling Innovative Digital Models,’ the conference is the first to be held since the country launched its National Financial Inclusion Strategy (NFIS) in 2012.

NIBSS, in collaboration with other Financial Services Providers, has made huge investments to provide affordable Digital Financial Services (DFS) to the unbanked and financially excluded members of the Nigerian population.

In line with the National Financial Inclusion initiative, the timely delivery of financial services through agency banking has also revolutionised the economy, as this has boosted job creation through financial entrepreneurship, skills acquisition, digitalisation of the society and increased GDP, as each state’s economic activity is increased with a multiplier effect.

Speaking on stakeholders’ contribution towards the National financial inclusion objectives, the Managing Director/CEO of NIBSS, Mr Premier Oiwoh, reiterated the role of technology in the provision of financial and payment innovation.

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“We are aware that digital financial inclusion enables access to financial services and advances economic progress in underserved market segments.

“In ensuring that the financially excluded are efficiently and effectively catered for within the ecosystem, we have created a platform-based payment system to enable the players in the ecosystem to innovate and thrive.

“The industry, over the years, has leveraged cutting-edge technology to design and deliver financial products and services to drive financial inclusion,” he added.

As the National Financial Inclusion Steering Committee and the industry prepares for the upcoming two-day International Financial Inclusion Conference (IFIC2022), scheduled to hold in Abuja, research has shown that financial inclusion stimulates the growth of the local economy, while empowering the citizens.

It provides access to basic financial services for the unbanked to be served in a manner that is sustainable and affordable, as it is aimed at enhancing growth and development.