Financial inclusion – having access to services like bank accounts, credit, savings, loans, and insurance – is still a major barrier to economic growth and reducing poverty across Africa. But innovative technology is driving change. Fintech (financial technology) is making big advances, and Nigeria has emerged as a major hub for the industry.
A common sight in Nigeria are designated money agents with point-of-sale systems, facilitating millions who don’t have bank accounts to deposit and withdraw cash and carry out a whole array of other financial transactions. Olu Akanmu, President and Co-CEO of OPay, explains how financial inclusion service providers are reaching the unbanked, “We go to where banks cannot go. We are much more nimble. We are more tech oriented. Therefore, we can deploy in a more agile way and get to reach far many more areas.”
OPay is among Africa’s seven unicorns – firms valued at a billion dollars or more. With five of these unicorns based in Nigeria, the...
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