LBS, Gates Foundation move to promote financial inclusion

The Lagos Business School (LBS) and Bill & Melinda Gates Foundation have launched a research project to address the regulatory gaps and market structures disabling financial inclusion for the poor and unbanked Nigerians. The research project is titled, “Sustainable business models for delivering digital financial services to lower income unbanked citizens of Nigeria.” Speaking at […]

The Lagos Business School (LBS) and Bill & Melinda Gates Foundation have launched a research project to address the regulatory gaps and market structures disabling financial inclusion for the poor and unbanked Nigerians.
The research project is titled, “Sustainable business models for delivering digital financial services to lower income unbanked citizens of Nigeria.”
Speaking at the launch in Lagos, Dr. Enase Okonedo, Dean, LBS, said: “Financial inclusion is a catalyst for economic development and growth and we are very excited about this project because access to financial services can improve the lives of the poor.”
She said that with its unique voice, presence and network in the Nigerian business community, LBS was positioned to play a catalytic role in increasing understanding of the business environment and possibilities for broadening the reach of low-cost digital payment systems, particularly in poor and rural areas.
“Nigeria is challenged to build the most vibrant and inclusive economy possible. By 2020, the plan is to have 80 percent of Nigerians financially served. Currently, the country stands at 60 percent coverage. There are numerous challenges to overcome if Nigeria is to meet its goal; at least 18 million new users of financial services must be signed on in the next four years,” she added.