VP Shettima seeks sustainable global collaboration on financial inclusion
By Kunle Sanni
Vice President Kashim Shettima has emphasized the urgent need for financial innovation to drive Nigeria’s economic and financial inclusion agenda. This aligns with President Bola Ahmed Tinubu’s commitment to bringing over 30 million unbanked Nigerians into the formal financial sector.
The Nigerian Vice President made this call during a high-level policy dialogue between the Nigerian government and private sector stakeholders held in Washington DC, the United States capital.
The initiative, held at George Washington University, aimed to leverage innovative approaches to create a sustainable and inclusive financial system in Nigeria. This was stated in a release by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications (Office of the Vice President).
Addressing the gathering via video conference, Vice President Shettima highlighted President Tinubu’s commitment to integrating over 30 million unbanked Nigerians into the formal financial sector as part of the administration’s Renewed Hope Agenda.
“We must develop a sustainable collaborative approach that will facilitate the adoption of inclusive payment systems to achieve our objective of economic and financial inclusion,” he stated.
The dialogue focused on addressing critical challenges in Nigeria’s fintech ecosystem, including regulatory oversight, security concerns, and trust issues that have hindered the widespread adoption of innovative financial solutions. Participants explored strategies to enhance interagency collaboration and strengthen the overall effectiveness of the financial services sector.
Earlier, the Deputy Chief of Staff to the President, Sen. Ibrahim Hadejia, said, “While the Office of the Vice President has given priority to economic and financial inclusion, it is expected that each agency of government will continue to play its statutory role collaboratively to achieve the set objective.”
Philip Ikeazor, Deputy Governor of the Central Bank of Nigeria in charge of Financial System Stability, emphasized the need for ongoing collaboration among all players to achieve the objectives of the Aso Accord on Economic and Financial Inclusion.
Director General of the National Information Technology Development Agency, Kashifu Inuwa Abdullahi, proposed “a digital-first approach and the need to fuse digital literacy with financial literacy as a means to address trust issues affecting the inclusive payment ecosystem.”
Tosin Eniolorunda, GMD of Moniepoint, remarked, “Addressing trust issues that have slowed down the adoption of innovative fintech solutions for economic and financial inclusion can be achieved through public-private collaborations.”
Dr. Nurudeen Zauro, Technical Advisor to the President on Economic and Financial Inclusion, explained that the gathering would eventually evolve into a mechanism that will provide relevant information to the Office of the Vice President to facilitate effective decision-making for economic and financial inclusion.
The high-level engagement resulted in various recommendations covering rules, infrastructure, and coordination, with a focus on implementable actions and clear accountabilities.
Other speakers at the event included Inspector General of Police Mr. Kaylietokun; Executive Director of the Center for Curriculum Development and Learning (CCDL) at George Washington University, Professor Pape Cisse; Assistant Vice President at Merrill Lynch Wealth Management, Mr. Reginald Emordi; Regional Director for Africa, at the Center for International Private Enterprise (CIPE), Mr. Lars Benson; and United States Congresswoman representing Florida’s 20th congressional district, The Honorable Sheila Cherfilus-McCormick.
