Wednesday, July 6, 2022

70 million mobile owners in Nigeria have no bank accounts: eTranzact

The company says only about 40 million Nigerians have active bank verification numbers.

• December 4, 2021
Mobile towers (masts) used to illustrate the story [Photo credit: BW]

About 70 million active mobile line owners in Nigeria do not have bank accounts, says the CEO of eTranzact International Plc., Niyi Toluwalope. 

Mr Toluwalope disclosed this at the Capital Market Correspondents Association of Nigerian (CAMCAN) 2021 Annual Workshop held on Saturday in Lagos.

The eTranzact boss said that 150 million of Nigeria’s 200 million population owned mobile phone lines, 110 million owned 150 million mobile phone lines but only about 40 million had active bank verification numbers.

While speaking on the topic “Technology as a Tool for Financial Inclusion in Nigeria: A Fintech Approach,” Mr Toluwalope said there was a need to close the gap, especially as regards small and medium enterprises.

He said that financial inclusion was important to the capital market industry, stating that it is an important component for enabling growth and “the informal sector participation in the capital market.” 

He added that for financial inclusion to thrive, the sector would need the collaboration of players in the private and public sectors, noting that the Central Bank of Nigeria, as well the Securities and Exchange Commission had taken several steps to drive financial inclusion.

The workshop had a panel session during which representatives of the Nigerian Exchange Ltd., FMDQ Exchange, SEC and stockbrokers, pledged to fashion out ways to tackle Ponzi scheme activities.

The workshop was sponsored by Flour Mills of Nigeria, United Bank for Africa, Access Bank, Zenith Bank, NGX, FMDQ and SEC, among other organisations.


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