QUICK LINKS

×
  • Business - Companies
  • Updated: May 02, 2022

Financial Inclusion: Analyst Suggests PSB Licence Will Play Huge Role

Latest News

Felicia Abisola  Olamiji
Felicia Abisola Olamiji

  A graduate of English Language from Olabisi Onabanjo University, passionate about learning new...

More From this Author

In eliminating financial ignorance, the PSB licences given to Airtel and MTN will play a huge role.

 While speaking on CBN’s final approval to Airtel and MTN for their respective Payment Service Banking licenses, this was stated by Emmanuel Orji, an analyst on Nairametrics 'On the Money' series on Clubhouse.

According to Orji, a whole lot of people still do not own a bank account due to lack of informantion on how important it is to have a bank account, and most banks are focused on reaching out to people who already have an accout  rather than the unbanked percentage of the population.

“Even with the whole trying to make the bank processes easy as it is now, there is no incentive to pretty much address the ignorance on the streets.

"We hardly see banks hosting seminars on how to open a bank account in those low-income areas and that is just focusing on those that already have some sort of knowledge about how the banking app and account opening works.

“I think the PSB licence given to Airtel and also to MTN is definitely going to play a huge role”, he said.

He stressed that the recent development is a great positive for financial inclusion.

He opined that Airtel and MTN PSBs will do more work than fintechs in reaching the unbanked.

Speaking of Airtel, he said, “Airtel does not have so much coverage in Nigeria, given all the change of hands that we have seen in the past, from Econet to V-mobile and the rest, which has not made it easy for them to have a stronghold.

"But definitely, it is still going to be a positive move for the company and Nigeria as a whole."

 

Tags

Join our Telegram platform to get news update Join Now
Felicia Abisola  Olamiji
Felicia Abisola Olamiji

  A graduate of English Language from Olabisi Onabanjo University, passionate about learning new...

More From this Author

COMPANIES PROFILE

fidelity bank plc Financial Services

Fidelity Bank Plc is a financial services institution in Nigeria offering bankin...

LEARN MORE
nem insurance plc Financial Services

NEM INSURANCE PLC started an insurance business in Nigeria in 1948 through the a...

LEARN MORE
royal exchange plc Financial Services

LEARN MORE
lasaco assurance plc Financial Services

Lasaco Assurance Plc was incorporated on 20th December 1979 under the Companies ...

LEARN MORE

0 Comment(s)

SPONSORED

Jun 08, 2022

Countdown To 2023 Presidential Election: Who Are You Voting For?

Countdown To 2023 Presidential Election: Who Are You Voting

Atiku Abubakar (PDP) 8.33 %

Bola Ahmed Tinubu (APC) 19.17 %

Peter Obi (LP) 72.50 %

115 days 16 hours remain

See this post in...