The Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, has stressed the importance of giving high priority to financial inclusion as it is a fundamental factor for the country’s economic growth. Tijani made these remarks during his speech at the launch of the Kayi Bank Application, a financial technology company based in Abuja.
He emphasized that financial inclusion significantly contributes to economic growth by increasing the number of individuals engaged in businesses that are part of the formal economy. Tijani pointed out that without a clear understanding of the concept, there can be no real economic growth, highlighting the fact that, although Nigerians are highly entrepreneurial, a substantial portion of these entrepreneurs remains excluded from the formal economy. He stressed that the inclusion of these entrepreneurs into the formal economy is imperative for driving robust and inclusive economic growth.
Tijani also highlighted how financial inclusion, by providing individuals with access to financial resources such as savings and credit, can play a role in reducing poverty. In order to achieve various objectives, including financial stability, reducing risky and informal financial practices, and expanding access to credit, he emphasized the necessity of prioritizing financial inclusion within the economy.
The Minister further noted that when individuals have access to banking services, they are less likely to engage in precarious and informal financial activities. He pointed out that a strong culture of financial inclusion can also promote entrepreneurship, which is indispensable for economic growth. Small businesses, in particular, can benefit from financial inclusion by gaining access to credit, improving their financial management, and subsequently expanding their enterprises, thereby creating employment opportunities.
Concluding his remarks, Tijani urged app innovators to focus on developing technologies that address real societal issues rather than solely concentrating on aesthetics.