Getting Identity Management Is Crucial To Achieving Financial Inclusion – Ademiluyi
Chigozie Amadi
The Managing Director of HumanManager Limited, Adekunbi Ademiluyi, has stressed the imperative need for a well-defined Individual Identity Management System to achieve financial inclusion during the inaugural Nigeria Fintech and Financial Inclusion Roundtable.
The leading provider of Human Resources Management solutions in Nigeria, boss made the declaration recently in Lagos at a panel of esteemed experts to deliberate on the future of fintech and financial inclusion in Nigeria.
He said Nigeria’s progress towards achieving financial inclusion has been marked by significant strides, yet the country still falls short of its ambitious goal of getting 95% of its population fully banked by 2024.
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% in 2023 from 56% in 2020. However, only 52% of Nigerians have a bank account, and widespread poverty in Africa’s most populous country continues to hinder 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 in Nigeria.
The event featured different Keynote speakers and panellists including Ms. Adekunbi Ademiluyi, Managing Director of HumanManager Ltd.; Dr Agada Apochi, Group Managing Director and Chief Executive Officer, Unified Payment Services Limited; Mrs Joy Utubo, Head of Group Communications, Security Exchange Commission; and Alhaji (Dr) Umaru Kwairanga, Group Chairman, Nigerian Exchange Group.
During the event, Ademiluyi underscored the significance of identity in achieving financial inclusion, stating, “Financial inclusion begins with identity. Once an individual’s identity is established, a financial account can be opened in their name. When individuals are integrated into an identity management system through fintech, their money can be securely circulated within the system, promoting greater financial inclusion and access.”
Ademiluyi 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 also described how HumanManager has played a major part in improving the welfare of people and their financial empowerment.
“We offer freemium products on our apps that individuals can benefit from and learn to improve their welfare.”
