Monday, September 15, 2025
25.8 C
Lagos

Rand Merchant Bank Seeks Public Education on Financial Inclusion

The Chief Operating Officer of Rand Merchant Bank Nigeria (RMB), Mr. Funso Odukoya, has called for increased awareness on issues around financial inclusion in the country.

Odukoya spoke during a panel session at the 2018 Annual National Conference of the Finance Correspondents Association of Nigeria (FICAN), with the theme: “Banks, Fintechs and Nigeria’s Financial Inclusion Journey,” held in Lagos, recently.

“To achieve financial inclusion, we need to educate everyone. Let’s get the information out there and let’s bring people into the financial system.

“We can achieve this by understanding our culture and by leveraging information to make sure everybody understands what financial inclusion is about,” he said.

Responding to a question on reports that banks don’t lend to fintechs because of competition, Odukoya said: “Banks carry out due diligence before they lend to any sector. You really must do the due diligence before you can lend to anybody. Bankers are just understanding the risk now.”

But, he pointed out that in most countries where fintechs had developed, “you will discover that they are not really dependent on banks’ funding.”

“There are venture capitalists and private equity companies that look into the value the start-up is bringing and they provide funds to those companies.

“So, fintechs that are struggling for funds, I would say is because they have no value to offer. If a fintech start-up has value, funding will seek such a firm out.

“We have instances of young start-ups that are flooded with funding because they are bringing value to the table.”

Continuing, he said: “But the relationship between the banks and fintechs has to be collaborative. It mustn’t be we against them; it has to be all of us working together to achieve the ultimate goal of reaching out to everyone.

“So, the goal is not for fintechs to overtake banks, or banks to overtake fintechs. The goal is to reach out to everyone and make financial services affordable and available to everyone.”

spot_img
spot_img

Hot this week

AIICO Insurance Unveils Recycling Project for a Greener Future

  AIICO Insurance Plc is stepping up its commitment to...

New WAIFEM DG, Baba Musa, Plans to Build Next Generation of Economic Leaders

The Director General of the West African Institute for...

39 Graduates Begin Chevron-Intels NC-HCD Programme to Boost Maritime Sector

Capacity building for Nigeria’s maritime sector received a boost...

Ex-Oil Minister, Kachikwu, Seeks Increase of NCI Fund to $1bn, Timeline for Developing Oil Blocks

The former Minister of State for Petroleum Resources, Prof....

ISSB-Aligned Disclosures Will Lower Capital Costs, Attract Global Investors — SEC

The Securities and Exchange Commission (SEC) has unveiled plans...

Topics

Beyond Tinubu’s Second Bombshell in Abeokuta

  By Haniel Ukpaukure There is something about Abeokuta, the Ogun...

Deliver Energy Before The ‘Just Transition’

  By Lamé Verre Fellow of the Energy Institute | Member...

AITEO Wins Big in Court Against Money Laundering Charges

The High Court sitting in the Federal Capital Territory,...

Verve Rewards 600 Customers in Good Life Promo

Africa’s leading payment technology and card brand, Verve International,...

Winners Emerge in NCDMB National Essay Competition

Winners of the 7th Nigerian Content Annual National Undergraduate...

NIMC: Police Service Commission Not Denied Access to Verification Server

The National Identity Management Commission wishes to inform the...

NSE Retains ISO 27001:2013 Certification

The Nigerian Stock Exchange (NSE) has announced the retention...

The Federal Cabinet: Time for Effective Governance

The 2015 Presidential Election ended on Saturday, March 28, 2015. It now belongs to the history books. Regardless of the pros and cons of the polls, it came and went. And in a commendable act worth eulogising, the then incumbent president, Goodluck Jonathan conceded defeat and congratulated the declared winner, Muhammadu Buhari, a development that earned widespread local and international applause for Nigeria as a nation.
spot_img

Related Articles

Popular Categories

spot_imgspot_img