Telcos Key to Bridging Financial Gaps, Fostering Inclusion – MTN’s Tobe Okigbo 

Telecommunications operators will undoubtedly play an indispensable role in bridging financial gaps and fostering inclusion, particularly in Nigeria.

Tobe Okigbo, Chief Corporate Services & Sustainability Officer of MTN Nigeria, underscored this role during a panel discussion at the Africa Breakfast Convos, held on the sidelines of the recent United Nations General Assembly (UNGA79).

Okigbo emphasised that telcos can leverage their extensive networks to connect Nigerians across diverse regions to essential financial services.

“Telcos are very instrumental in bridging the gap and promoting financial inclusion. Given our extensive reach, I firmly believe that telecommunications companies are instrumental in broadening access to digital financial services,” he said.

However, there are serious challenges facing the industry that make it difficult for operators to fill this role. “One of the biggest challenges we have in bridging the gap is access to devices. It goes beyond the lack of education because Nigerians can easily adapt to systems. However, not everyone has access to devices that enable digital financial services,” he stated, expressing optimism that solutions would emerge within the next three years to enhance financial inclusion in Nigeria.

The panel conversation, featuring Okigbo, in discussion with Claudine Moore of Allison Worldwide, Iyin Aboyeji of Future Africa, and Anie Akpe of African Women In Tech (AWIT), at Stagwell Commons inside The World Trade Centre in New York City, touched on wide-ranging issues ranging from digital transformation to Africa’s business landscape, as well as the continent’s sustainable growth.

Tobe Okigbo lauded the innovation of African businesses across diverse sectors, highlighting their capacity to turn challenges into lucrative opportunities.

“African businesses are not just solving local issues; they’re turning billion-dollar problems into billion-dollar opportunities,” he said.

A World Bank report recently revealed that although 49 per cent of adults in Sub-Saharan Africa have bank accounts, a rate that has doubled since 2011, there are still significant gaps in account ownership for women, uneducated persons, young adults and people in rural communities.

The MTNN CCSSO revealed that MTN Nigeria has been at the forefront of financial inclusion initiatives, offering an array of digital financial services with its fintech platform, MoMo PSB.