The Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, said that financial inclusion would eradicate poverty and improve access to financial growth of the country.
Tijani said this at the unveiling of Kayi Bank App, a pioneering fintech solution committed to security, speed, and customer satisfaction on Thursday in Abuja.
The programme was tagged: “Unlocking a Digital Finance Revolution”.
He said that financial inclusion contributes significantly to economic growth by increasing the number of individuals and businesses that can participate in the formal economy.
Tijani said: “As we all know, Nigerians are extremely entrepreneurial and while they are entrepreneurial, there is also a significant amount of entrepreneurs that are not included in the formal economy.
“If these entrepreneurs are not included in the formal economy, we will struggle to actually be able to drive strong and inclusive economic growth to true financial inclusion.
”We can bring more people into the economy. And by bringing more people into our economy, we stand the chance to reduce poverty.”
The minister said that entrepreneurship can be fostered by having a strong financial inclusion in the society.
He added: “When we have a strong financial inclusion in society, youc an also foster intrapreneurship and there is no other way we can grow without entrepreneurship.”
Tijani said that the agric sector contributes significantly to Nigeria’s Gross Domestic Product (GDP), adding that good financial inclusion will ensure farmers have access to resources they need as inputs.
The minister said: “They can manage income better, they can manage their sales better, but they also can access credits that can help them to do what they need to do.”
He urged investors to invest more as there was a lot of money to make from the bottom of the pyramid.
Earlier, the Managing Director of the bank, Yunusa Mohammad, said it would explore core features and capabilities to reshape financial transactions, broaden accessibility and empower users to take charge of their financial destinies.
“We will explore the core features and capabilities of the Kayi app, illuminating how this mobile application will reshape financial transactions, broaden accessibility and empower users to take charge of their financial destinies
“We are also unveiling the future where financial transactions are simplified, more accessible and empowering for all,” he said.
In his goodwill message, Malam Kashifu Inuwa, the Director Generally of theNational Information Technology Development Agency (NITDA) said the initiative would help institutionalise investment in Nigeria’s startups.
“This will really help us and institutionalise investment in startups in Nigeria.
“Kayi is about job creation. It is about enpowering our people to build the next digital bank,” he said.