6 March 2018

Nigeria: 'Only 43% of Nigerians Are Banked'

Photo: Gillian Nantume/Daily Monitor
(file photo).

Only about 43 per cent of Nigeria's estimated 180 million people are currently banked.

The implication of this is that about 77.4 million Nigerians are still not within the radar of the country's financial institutions for banking services.

According to the Managing Director and Chief Executive Officer of Fidelity Bank Plc, Nnamdi Okonkwo, who lamented the 43 per cent figure, banks must develop innovative solutions that will bring those outside the banking space to embrace financial institutions services and products.

Speaking at the just concluded 2018 Social Media Week (SMW) Lagos, at the weekend, at a session tagged: "The Digital Takeover: How millennials are changing the financial landscape", Okonkwo explained that, because a huge population of the country are youths, "and so, if you need to provide financial services for this class of people, you must understand their buyer needs, customer preference and what is important to them."

He noted that more importantly, a lot of youths live on social media. "And so, if you want to connect to them, you must understand what they actually need."

Okonkwo stated that, Fidelity Bank is very youth inclined and that's explained why its digital banking is witnessing tremendous growth.

He said, "But, we are not going to rest on that, we are going to continue to innovate and as a financial institution, we have to stay right on top of changes and work closely with the millenials."

The Fidelity Bank boss pointed out that in a bid to improve upon its digital banking, the bank has hired about 36 people just to focus on the digital banking area. "It is just one of the ways we are responding to the transformation going on in the banking industry which is driven by the needs of the millennial," Okonkwo stressed.


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