Financial inclusion key to Nigeria’s economic growth – Minister

The Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, unveiling the Kayi Bank App at the event on Thursday in Abuja
The Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, speaking during the unveiling of Kayi Bank's App at an event on Thursday in Abuja




Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, said on Thursday that access to financial products and services can foster economic growth, promote entrepreneurship, investment, and productivity in the country.


The Minister, who  stated this  during the unveiling of Kayi Bank App   at the Transcorp Hilton, Abuja, said the launch of the innovative fintech product was in line with President Bola Tinubu’s mandate of achieving an inclusive economic growth in the country.

NATIONAL ACCORD reports that the innovative fintech product, Kayi App, founded by Alhaji Saadina Dantata, was created to accelerate financial inclusion by individuals and businesses in Nigeria and beyond through secure, seamless and hassle-free transactions.

The innovative pan-African Digital Payment Platform, has attracted key investors from across Nigeria, The United Arab Emirates, (UAE), Saudi Arabia, Turkey, among others.

According to  Dr. Tijani, Nigerians are extremely entrepreneurial and “there’s also a significant amount of our entrepreneurs that are not included in the formal economy and if such people are not included in the formal economy, we will struggle to be able to drive a strong economic growth.”

“So, through financial inclusion, we can bring more entrepreneurs into the formal economy. Through this, we can stand the chance of alleviating poverty by giving people access to financial tools such as savings, and access to credit which will help them to manage their financial flow.

“If we thrive a strong financial inclusion it will help to grow the economy and ensure a strong financial stability as well. When Individuals have access to banking services, they are less likely to result to risky, informal financial practices,” he said.

He commended the Kayi Bank founder for his initiative to provide innovative products that allow commercial drivers to purchase fuel at some designated filling stations and make payments the following day as a way to mitigate the effects of petrol subsidy removal.

He therefore charged the Kayi App team to improve on its innovative products and to use technology to solve the problems identified by the investors.

Earlier, the founder of Kayi Bank, who is a renowned Kano-business man, Alhaji Saadina Dantata, said the innovative Fintech payment platform built on web 2.5, was developed to make financial transactions simpler, faster, secure and more convenient for everyone.

Alhaji Dantata reiterated the bank’s readiness to drive the financial inclusion target of the Central Bank of Nigeria (CBN) through the provision of cutting-edge, secured and innovative payment services to individuals and businesses.

“We are excited to introduce our innovative fintech product, Kayi App, to the Nigerian market. With our dedicated and young team of innovative and creative Nigerians drawn from across the world.

“The Kayi App aims to empower Africans with the tools and knowledge to take control of their financial future. I envision a continent where every individual and business can thrive financially, regardless of their location or income level”, he said.

The event was attended by notable dignitaries including the Chairman of Azman Group, Alhaji Abdulmunat Y Sarina, Otunba Toye Ariyo, Alhaji Mohammed Sani Abacha, the son of former head of state, Gen Sani Abacha, and the Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa Abdullahi.

Be the first to comment

Leave a Reply

Your email address will not be published.