Alawuba, UBA GMD, Others Call for More Financial Inclusion

Oliver Alawuba, group managing director (GMD), United Bank for Africa (UBA) has made case for more financial exclusion in Africa, saying that a staggering 80 per cent of Africans remain outside the formal financial system, lacking access to essential financial services

Oliver Alawuba, group managing director (GMD), United Bank for Africa (UBA

At a reception, honoring Prof. Pius Deji Olanrewaju, 23rd President/Chairman of Council, Chartered Institute of Bankers of Nigeria (CIBN), Alawuba stressed the need for more to be done to address financial exclusion.

The event, organised by FIC Professionals Network Plc, brought together stakeholders to discuss ways to promote financial inclusion.

“More than 80% of Africans are outside the financial system. It’s good to see that the agency system is coming onboard, but we need to do more because there are millions of people who have not tested any financial services, “the UBA boss stated.

While highlighting the urgent need for innovative solutions to bridge the financial divide, Alawuba emphasised the importance of collective efforts from financial institutions, governments, and stakeholders to create a more inclusive financial ecosystem that benefits all.

But President Bola Tinubu has assured that his administration is committed to ensuring greater financial inclusion, recognising its potential to unlock economic opportunities, reduce poverty, and promote sustainable growth.

Tínubu’s commitment to expanding financial services to underserved populations, including low-income individuals, rural communities, and small businesses, was reinforced by the appointment of Dr Nurudeen Abubakar Zauro, a technical adviser on financial inclusion, who emphasised the importance of collective efforts from financial institutions, governments, and stakeholders.

“When we came on board, the first thing we did was that we partnered with FIC Professionals Network to stage a workshop in order to inspire stakeholders who we believe know better and have all the experience that is needed for us to do the right thing. It shows that the administration is indeed determined to do everything possible to provide access to financial services, especially in our journey to growing a $1 trillion economy.

“There’s a need for us to strengthen that partnership. So I am quite happy that the certification program of CIBN is a very important one, and now I can tell you that we are doing everything possible to see how we can personalise and, of course, continue to partner and collaborate with FIC, CIBN and all other stakeholders,” the president’s adviser stressed.

Meanwhile, FIC Professionals Network has been commended for its efforts in promoting financial inclusion, particularly through its agency banking initiatives.

Mr. Sola Bickersteth, organisation’s Group Director, Business Development, emphasised the importance of collaboration between public and private sector stakeholders to achieve financial inclusion.

He said: “We cannot congratulate you enough and chartered the Institute of Bankers for laying the path for the direction that we’re taking. We congratulate you, sir, because you are going to graduate the first set of agent bankers certified by CIBN in October of this year, and we believe that it can only get better from there.

“We’re also happy that the government has that vision very clearly stated. So FIC, as an organisation, works with both the public sector and the private operators. We are not a service provider but a collaboration organisation working closely with everybody on how we can, in a consistent manner, make this financial inclusion a reality in Nigeria. And so, in coming together, we believe that we can fill those gaps.”

Responding, the CIBN President expressed gratitude for the honor and applauded FIC for keying into his legacy agenda.

He, however, rallied support for the Network in its commitment to ensuring financial inclusion in the country.