Influence of Digital Banking on Financial Inclusion in Nigeria

Kegow is driving financial inclusion

Why the Buzz about Financial Inclusion?

There is an urgent need to pay for your car insurance and you also need to top up your data subscription, my best bet is that you’d fetch your mobile phone and choose your favourite digital banking app to meet your needs. That sounds pretty cool, right? However, the reality is that not all Nigerians have the luxury of swiping their debit card to make payments at a grocery store or even walk into a bank to conduct financial transactions. Not really because they don’t want to, but the issue is that some of them do not even know that such services exist.

Financial inclusion and exclusion have become subjects of national and global interest in recent times. Having an inclusive financial system has been linked to a more sustainable economic growth and development. Thus, achieving financial inclusion has become a priority for many countries across the globe – more in the areas of poverty reduction, employment generation, wealth creation and improving welfare and general standard of living.

Here’s Exactly What Financial Inclusion Is All About
Financial inclusion refers to a process by which individuals and businesses can access appropriate, affordable, and timely financial products and services. These include banking, loan, equity, and insurance products. Mind you, inclusive finance goes beyond merely opening a bank account. The World Bank has noted that Financial inclusion has been identified as an enabler for 7 of the 17 Sustainable Development Goals and commits to promoting financial inclusion in the world. Again, this shows you how important financial inclusion is.
A financially excluded population could lead to a poorer population as the lack of access to credit and insurance puts them at an economic disadvantage.

What’s the Financial Inclusion Outlook in Nigeria?

financial inclusion by Kegow

EFInA data shows that only 64% of Nigerian adults were financially included by the end of 2020. This means that 36% of Nigerian adults, or 38 million adults, remain completely financially excluded. This is a slight improvement from the 49% which was recorded in 2018.
The majority of excluded groups consist of women, rural and Northern Nigerians.

Why Do We Have A High Rate of Financially Excluded Nigerians?
You might be wondering why we still have about 38 million Nigerian adults who are completely financially excluded. This can be largely attributed to the lack of access to banks and financial services, as well as the various documentations required by banks. Lack of trust in the formal financial system is another deterring factor.
As a result, the rural dwellers would rather opt for the local financial arrangements such as the “Ajo” in the western part of Nigeria, “Esusu” in the eastern part of Nigeria and “Adashe” in the northern part of Nigeria. These are operated by friends and family whom they know. Hence, they’re more confident in such a system.

Click here to download Kegow Digital Banking App

The Big Bang of Digital Banking in Nigeria
You would agree with me that digital banking is the next best innovation that has happened to us in the 21st century after sliced bread. Digital banking has made banking possible away from banking premises. Banking can now take place anywhere using various electronic devices like mobile phones, automated teller machines, point-of-sale machines, computers, and tablets, among others.

Today, transactions such as fund transfer, receipts of funds, balance enquiry, purchase of airtime, payment of bills and account opening can be conducted outside the banking walls.
On almost every street in rural, suburbs and cities across Nigeria, you can never miss the conspicuous sights of “POS Agents” in kiosks and sometimes, under umbrella shelters. They are usually armed with POS machines, smartphones and a matching sling bag to complete the look. These foot soldiers have become a reliable institution for improving financial inclusion in Nigeria.

Click here to download Kegow Digital Banking App

How the Apex bank, CBN strengthened the digital banking sector
In 2011, the Central Bank of Nigeria (CBN) introduced the cashless policy. The cashless policy is aimed at reducing the amount of cash circulating in the economy, and encouraging more electronic-based transactions. Hence, CBN licensed 21 Mobile Money Operators (MMOs) to drive this.

Are Nigerians Digging the Whole Idea of Digital Banking?
Indeed, digital banking in Nigeria has evolved significantly to become an integral part of our daily activities; driving financial inclusion, e-commerce, utility payment and effective daily financial transactions.
Digital banking is now growing more rapidly as more people embrace the use of digitally-driven financial services for convenience and security reasons. An increase in the rate of internet penetration in Nigeria is another key driver of the increase in digital banking in Nigeria.

The Future of Digital Banking in Nigeria
Growth in digital financial services, agent networks, and mobile phone ownership (now at 81%) highlights the opportunity to drive faster financial inclusion growth through digital financial services such as mobile money. At this rate, digital banking will keep budding in Nigeria.

kegow mobile banking app

In a similar vein, Kegow digital banking app came into the business of Mobile Money Operation to serve the unbanked and the underbanked.
Click here to learn more about how we’re achieving this goal through robust financial services in three (3) wallet types – individual, agent and business.

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Akinsanmi Adeleke

Business Mngr. and Enterprise Solution

Akinsanmi is a high-performing operations-management executive with expertise in optimizing organizational processes through system automation. His career accomplishments consist of more than 10 years of experience implementing technology projects, developing product requirements, and analysing support strategies and processes to facilitate improved operations and efficiency. A proficient problem-solver who designs solutions and assists developers with issues by envisioning business and technical perspectives to a problem. When it comes to completing a job from start to finish, the value of clarity and good communication can’t be overstated, his superior communication and problem-solving skills allow him to excel in driving teams through all facets of project life cycles and realizing improved efficiency and productivity.

Grown through the ranks at Chams PLC, starting as Biometric Technology Support, Database Administrator, and presently a Business Manager, he has efficiently led diverse teams to oversee, manage and successfully deliver a number of technology change management projects for both government and private clients. Applying strong relationship and stakeholder management skills, he has ensured the utmost satisfaction of all clients. His expertise, experience, and achievement across projects includes Business Analysis, Process Improvement/Automation, Open Source Development, ERP, HR and Payroll Automation and Auditing, Data Analysis, Public Financial Management Automation.

Reinforcing his experience are credentials that include a Master’s Degree in Information Technology from the prestigious University of Lagos, as well as various other professional certifications including Certified Business Analyst from Imarticus Learning in India, Oracle Certified Professional, Microsoft Certified Technology Specialist and a recognised Odoo Partner.

Babatope Olulode

Head of Sales, VOTA & I’m Alive

Babatope Olulode is the Assistant General Manager, Sales. He works primarily on VOTA and I’m Alive Solutions for the Company. With working experience in a vast variety of industries in Nigeria and the United States, he leads the sales effort to ensure that Chamsmobile products are highly sought after and exceed the expectations of our clients.

Prior to Chamsmobile, Tope worked at NETCOM Africa and was on the Board of Management of John Holt PLC as General Manager overseeing assets worth over N10 Billion. He also worked in Logistics as the Chief Operating Officer of CFL Logistics and Head, Business Development at Flux Logistics, a member of the Superflux Group. He was appointed as MD/CEO of Sattrak Telematics in 2008 after working with Nextzon Business Services, a firm providing Business advisory, venture financing and management, outsourcing and consulting services. In the United States, he joined AWABCO as a Manager and later JWB Ventures as General Manager after receiving a 98.5% score in serve-safe certification.

A multi-disciplinary and lifelong learner, Tope holds a Bachelor of Technology Degree from the Ladoke Akintola University of Technology Ogbomoso, and is a member of the American Marketing Association AMA. He earned an MBA from the Louisiana State University in 2004 and was awarded the Don Wilcox Scholarship for Outstanding Academic Performance. He’s an avid Film critic and loves to travel.

Kayode Akomolafe

Executive Director

Kayode Akomolafe is the Executive Director, Chamsmobile. Before his appointment, he was the Chief Operating Officer, Chams Plc. He is an accomplished professional in project management with over 20years experience in diverse field which include Identity management, solution design, system architect, customer service, IT operations and infrastructure.

Sequel to joining Chams Plc in 2008, Kayode worked with Aeriel Link Communications, a public relation outfit in Lagos as Business Development executive and Mr Biggs Division of UAC as Operations Auditors and Compliance Manager. He has managed and led different teams to deliver several projects for federal, state and private institutions out of which are ChamsCity digital mall that got the Guinness world record, NCC SIM registration, Nigeria Airforce identity management and staff audit, Nigeria Custom identity management system, Osun state staff audit, including human resources and payroll solution, and the famous national identity project with NIMC.

He holds a Bachelor of Technology from Federal University of Technology Akure, a Master’s Degree in Information System Technology from University of Liverpool, UK and an Executive MBA from Lagos Business school. He is an Alumni of Nanyang Business School, Singapore. He is a certified Scrum Master, a Professional Member of British Project Professional Society, Scrum Alliance USA and Agile Practitioners Association of Nigeria.


Mayowa Olaniyan

CEO/Managing Director

Mayowa Olaniyan is a finance and management expert. She is the Managing Director and Chief Executive Officer of Chamsmobile Limited, an associate company of Nigeria’s long-standing indigenous technology company, Chams Plc.

Mayowa’s managerial and strategy expertise is sought after in the corporate sector. With an accomplished career of over 27 years that spans across finance, audit, automobile, and technology, Mayowa is a thoroughbred professional and resilient administrator whose business leadership is well recognized among C-Level Executives, Board of directors, Regulatory Authorities and other key Stakeholders for the many outstanding performances in delivering company’s business and financial objectives.

Until her appointment as MD/CEO of Chamsmobile, Mayowa oversaw Chams Plc’s finance, strategy and services as Executive Director. In this role, she led the refinancing of Chamsmobile and reengineered the company’s mobile money operations and positioned same to play alongside other big leagues in the industry and also drove the financial and business strategy that shot the Chams group back to profitability. Prior to that role, she served as the Chief Strategist and Financial Officer.

A chartered accountant of repute, a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) and Fellow of Chartered Certified Accountants (FCCA), global body for professional Accountants, Mayowa holds an MBA from Edinburgh Business School, Heriot-Watt University, UK.

She has a degree in Applied Accounting and post graduate diploma from Oxford Brooks University, UK. She is an alumna of NANYANG Technology University, Singapore and the prestigious Pan Atlantic University (Lagos Business School), Nigeria.