Achieving Financial Inclusivity
According to the World Bank, 1.7 Billion Adults are unbanked. To put that in a real-life scenario, imagine everyone in Nigeria and China not having a bank account or proper access to banking and financial services. Trying to cater for all these people, financially, is such a huge task, however we can start somewhere.
Let’s talk about Financial Inclusivity
Investopedia defines “Financial inclusion as efforts to make financial products and services accessible and affordable to all individuals and businesses, regardless of their personal net worth or company size.’’
Financial inclusion aims to remove the barrier between people and financial services and access. It means individuals are not denied access to affordable financial products and/or services that meet their needs, delivered in a responsible and sustainable way. Some examples of these services are; transactions, payments, savings, credit and insurance, wealth management etc.
The most basic form of bridging this gap is having access to a basic transaction account, as it opens the door to other financial possibilities. Some of these other possibilities include savings, credit, and insurance, start and expand businesses, invest in education or health, manage risk, and weather financial shocks, all of which can improve the overall quality of their lives.
Is Financial Inclusiveness Important?
Yes, it is.
Financial inclusion helps to strengthen the availability of economic resources. It also builds the concept of savings among the poor. Financial inclusion is a major step towards inclusive growth. It helps in the overall economic development of the unbanked, and underprivileged population. In Nigeria, effective financial inclusion is needed for the upliftment of the poor and underprivileged people by providing them with the modified financial products and services.
Financial inclusion is widely considered today as a tool for economic development. Developing countries have financial inclusivity as one of their boosts. Some of the areas of application are in poverty reduction, employment generation, wealth creation and enhancing welfare and general standards of living.
In addition to the traditional banks, some companies fueling financial inclusion in Nigeria include:
- Wealth.ng: An online investment market place that makes it easy for users to invest money in different financial instruments such as treasury bills, stocks, Fixed Income, Savings and Real Estate. You can do this anytime and anywhere!
- We have simplified the investment process and broken it down so you do not need any investment experience to be able to get started
Wealth.ng gives the average Nigerian an opportunity to buy investment products, manage their portfolio and grow their wealth.
- Flutterwave: A fintech company that provides a payment infrastructure for global merchants and payment service providers across the continent.
- Paga: Paga is a leading mobile money company that is building an ecosystem to enable people to digitally send and receive money, and creating simple financial system by eliminating the use of cash for transactions and access to financial services.
- Carbon: Carbon Bank offers Nigerians better financial services through free transfers, high-yield savings, buy now pay later @ 0% interest.
- PiggyVest: A very secure online savings platform that makes saving possible by combining discipline plus flexibility to make you grow your savings.
- Kuda Bank: A full-service, digital-only bank, that provides full banking services via its apps which allow everyday Nigerians to run a spending account, save money automatically without the burden of traditional bank charges.
Digital technology has now made it easier to reach more people and enable more transactions. Although achieving financial inclusivity is not an easy task, it requires regulations that would favor it, financial education, more innovative services and partnerships with relevant stakeholders in the finance space.
The goal is to move the critical mass that is financially excluded to be integrated into the digital ecosystem that is tech-led and directly engages the bottom of the pyramid.
Wealth is for Everyone!
Everyone deserves a shot at success, regardless of their background or current social status. But not many understand how to build sustainable wealth.
People know how to work for money but do not know how to make their money work for them. This is the very reason Wealth.ng was created; to help bridge that knowledge gap and put real Wealth in the hands of as many people as possible.
Advancements in financial technology have made it possible for us to offer investment opportunities to more people. If you can use a smartphone or a web browser, you can invest on Wealth.ng.
Traditionally complex processes have been simplified, overwhelming paperwork are now short and simple forms, and the need for an intermediary is history. You can sign up on Wealth.ng right now and make your first investment in less than five minutes.
It’s all about You!
You are at the center of all that we do. Our commitment to good user experience, careful curation of investment products, and secure and flexible payment methods are some of the things we do with you in mind. We want you to seize the future, and we are here to help you!
Simplifying investing is the key to making wealth accessible to everyone.- Weath.ng