In providing digital solutions to the Nigerian market, FinTech firms have been urged to pay more attention to expanding their services to rural areas.
Adekunle Adebiyi, Chief Commercial Officer at Itex Integrated Services Ltd, who stated this in a statement said that meeting the objective of Fintechs must include deliberate efforts at catering to the unbanked.
“Fintechs work with traditional banks to improve the sustainability and accessibility of the services they offer to the public.
“Because of this, distribution is crucial if we are to reach Nigerians without bank accounts. Rural areas, where more unbanked people reside, must become the focus instead of metropolitan and semi-urban areas. As a country, we have made progress toward financial inclusion, but if we are to meet our goal, we must use financial technology.
According to Adebiyi, rural areas remain at a disadvantage, despite housing 40 percent of adults with no formal bank account and limited access to smartphones.
“Traditional banking and financial technology are not on either side of the divide; I see a convergence. Fintech is about using technology to enhance the process of financing, making it easier, accessible, and sustainable,” he added.
He further stressed the need for collaboration between Fintechs and traditional banks in increasing inclusion, especially for rural dwellers.
