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Unbanked population controls 75% daily retail transaction in Nigeria – Expert

An expert at SystemSpecs has said the current un(der)banked population in Nigeria controls well over 75% of daily retail transaction in the country.

Mr. Oluwaseun Adesanya, Manager, Corporate Strategy & Performance Management at SystemSpecs, revealed this while speaking with TheNewsGuru, saying the situation is alarming for financial inclusion in the country.

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“Nigeria prides itself as the most populated country, and economy giant of the African continent with over 176 million people; yet 64% (of the adult population) is currently un(der)banked!” Mr. Adesanya lamented, stressing that this current un(der)banked population, findings have revealed, controls over 75% of daily retail transaction in the country.

“The result is the increasing number of informal financial operators whose activities are not regulated, but control high volume of liquidity which could have been use to create economic opportunities if it were in the hands of the formal financial institutions,” he said.

Mr. Adesanya said some of the challenges to the success of financial inclusion in Nigeria are misconception, channel, framework, compensation model and market intelligence.

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He said SystemSpecs will lead discussions in the direction of these issues to critically analyze them with the view to finding solutions to them at the 61st International Statistical Institute (ISI) World Statistics Congress (WSC) that is set to hold in Morocco.

“The solution is not far-fetched when the above challenges are thoroughly considered and experts’ advice is consulted for success implementation to increase the percentage of financial inclusion in Nigeria within the next possible time,” he noted.

TheNewsGuru report the biennial WSC is the flagship conference of the ISI and its seven associations.

It brings together eminent statisticians and members of the statistical community from the five continents to present, discuss, promote and disseminate research and best practices in every field of Statistics and its applications.

Mr. Adesanya, who is leading SystemSpecs’s delegation to the conference, will be presenting a paper and anchoring discussions on “Financial Inclusion in Nigeria: The Challenges of Banks & Mobile Money Operators (MMOs)”.

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SystemSpecs is Africa’s leading software company that owns HumanManager and Remita. Remita currently powers Nigeria’s Treasury Single Account (TSA).

The 61st ISI WSC will hold from 16 to 21 July 2017 in the Red City of Morocco, Marrakech.