Financial inclusion essential to Nigeria’s economic growth – Communications Minister, Tijani

The Minister of Communications, Innovation and Digital Economy, Bosun Tijani, has called for the prioritisation of financial inclusion, saying that it is essential to the expansion of the country’s economy.

Tijani spoke at the launch of Kayi Bank Application, a financial technology company in Abuja.

According to the minister, financial inclusion contributes significantly to economic growth by increasing the number of individuals who do businesses that can participate in the formal economy.

“For those who do not understand, there can be no economic growth without financial inclusion.

“As we all know, Nigerians are extremely entrepreneurial but while we are entrepreneurial, there is still a significant amount of our entrepreneurs that are not included in the formal economy and if these entrepreneurs are not included in the formal economy, we will struggle to be able to drive strong and inclusive economic growth.” He said.

Tijani added that by providing people with access to financial resources like savings and credit, financial inclusion may aid in reducing poverty.

To ensure financial stability, lessen risky and informal financial practices, and boost access to credit, amongst other goals, he noted that financial inclusion must be given top priority in the economy.

“When individuals have access to banking services, they are less likely to resort to risky and informal financial practices. When we have strong financial inclusion in society, it can also foster entrepreneurship and there is no way we can grow without entrepreneurship.

“Small businesses with financial inclusion can gain access to credit, they can better manage their flows and this can help them to grow their businesses and as they grow their businesses, they create job opportunities.” He said.

The Minister urged the App innovators to focus on building technologies that would solve the problems of the people rather than aesthetics.