Demola Sogunle of Stanbic IBTC Bank on deepening financial inclusion in Nigeria

Stanbic IBTC Bank, a leading financial institution in Nigeria, is at the forefront of deepening financial inclusion in the country. Chief Executive Demola Sogunle recently spoke at the West Africa Investor's conference in Lagos, emphasizing the national agenda of financial inclusion. Sogunle highlighted the importance of showcasing investment opportunities in Nigeria to foreign investors, particularly in the fintech space. He praised the role of Nigerian fintech companies in revolutionizing the financial system and stressed the need for patient capital to support their growth. The bank has created a platform for fintechs to interact with potential investors and fund managers to secure the necessary capital for expansion. One key challenge discussed during the panel session was the high cost of banking and the prevalence of unbanked individuals in Nigeria. Sogunle reiterated that reducing the number of financially excluded adults is a national agenda, with the regulators and bankers committee actively working towards this goal. He emphasized the role of USSD as a channel for financial inclusion and the need to ensure that costs do not hinder access to financial services. Despite innovations in banking and fintech, cash remains predominant in Nigeria due to the perception that cash transactions are cheaper. Sogunle acknowledged the challenge and proposed revisiting initiatives to make cash transactions more costly, thereby encouraging cashless transactions and promoting financial inclusion. He emphasized the importance of reducing the reliance on cash to drive momentum towards a more inclusive financial system. As Nigeria continues to advance in its banking and fintech sectors, stakeholders like Stanbic IBTC Bank are committed to fostering a more inclusive and efficient financial landscape, ultimately driving economic growth and prosperity for all Nigerians.