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Mobile operators plan to improve financial literacy in Nigeria

October 17, 2018 • Finance, Top Stories, West Africa

Mobile operators plan to improve financial literacy in Nigeria

Mobile operators plan to improve financial literacy in Nigeria

Nigeria’s mobile operators have set up the Telecommunications Financial Inclusion Committee and laid out a plan to improve financial literacy in Nigeria. Glo, 9Mobile, Airtel, MTN and Ntel held a meeting in September 4, 2018, where the operators articulated their commitment to deepening financial inclusion and providing Nigerians with access to a range of affordable financial services. The committee will operate under the Association of Licensed Telecommunications Operators of Nigeria (ALTON).

The committee aims to run a publicity campaign in the next three months to improve financial literacy; use its assets to provide access to financial services to 90 million people over the next 30 months, through a combined mobile base, integrated identity systems, and distribution network; and work with other parties and the government to ensure the telecoms sector contributes to the national goal of 80 percent total financial inclusion and 70 percent formal financial inclusion by 2020.

In the short term, the committee aims to deliver financial services to up to 35 million Nigerians and increase financial literacy and awareness within twelve months.

While the long-term goal of delivering access to 90 million people in 773 local government areas by 2020 will be achieved by converting 1 million airtime agents to mobile money agents.

The committee also spent some time discussing the recent publication of exposure guidelines for the licensing and regulation of Payment Service Banks in Nigeria.

In a statement released by ALTON, Gbenga Adebayo, Chairman of ALTON said, “The inauguration of this committee is a positive and necessary first step to achieving our goals of improving inclusion and literacy. We are focused on delivering sustainable solutions to achieve long-term results. The potential of our sector’s participation in these efforts is enormous. The telecommunications subscribers database is the most comprehensive, our coverage is vast and this speaks to the potential that we have as a group to truly contribute to solving some of the challenges that have been faced so far.”

Edited by Fundisiwe Maseko
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