Abuja — The Managing Director/Chief Executive, Tangerine General Insurance, Mr. Mayowa Adeduro, has said the adoption of Financial Technology fintech remained a critical tool for financial inclusion and poverty eradication in the country.

He said there is a fundamental need for investment in infrastructural development including IT and Fintech as currently obtained in developed countries.

Speaking on the sidelines of the Nigeria Fintech23 Conference in Lagos, Adeduro told THISDAY that there is a nexus between poverty, education and financial inclusion, pointing out that the federal government needed many stakeholders' support to achieve the goal.

He said the lack of financial inclusion could subject over 133 million Nigerians to the risk of extreme poverty.

According to him, "The banking sector just has 50 per cent of the adults in the banking circle. It is even worse in the insurance sector which has less than one per cent penetration level.

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

He said there is also a need for massive education and awareness on financial literacy stressing that the current high illiteracy rate cannot sustain the type of financial infrastructure being envisaged.

He also urged companies to do more in investing in educating the people.

Also speaking at the event, the Group Chief Executive, Parthian, Mr. Oluseye Olusoga welcomed innovations created by opportunities and challenges posed by Fintech as a tool for promoting financial inclusion in the country.