Photo: Gillian Nantume/Daily Monitor (file photo). By Adeyemi Adepetun
Only about 43 per cent of Nigeria's estimated 180 million people are currently banked.
The implication of
this is that about 77.4 million Nigerians are still not within the radar
of the country's financial institutions for banking services.
According to the
Managing Director and Chief Executive Officer of Fidelity Bank Plc,
Nnamdi Okonkwo, who lamented the 43 per cent figure, banks must develop
innovative solutions that will bring those outside the banking space to
embrace financial institutions services and products.
Speaking at the
just concluded 2018 Social Media Week (SMW) Lagos, at the weekend, at a
session tagged: "The Digital Takeover: How millennials are changing the
financial landscape", Okonkwo explained that, because a huge population
of the country are youths, "and so, if you need to provide financial
services for this class of people, you must understand their buyer
needs, customer preference and what is important to them."
He noted that more
importantly, a lot of youths live on social media. "And so, if you want
to connect to them, you must understand what they actually need."
Okonkwo stated
that, Fidelity Bank is very youth inclined and that's explained why its
digital banking is witnessing tremendous growth.
He said, "But, we
are not going to rest on that, we are going to continue to innovate and
as a financial institution, we have to stay right on top of changes and
work closely with the millenials."
The Fidelity Bank
boss pointed out that in a bid to improve upon its digital banking, the
bank has hired about 36 people just to focus on the digital banking
area. "It is just one of the ways we are responding to the
transformation going on in the banking industry which is driven by the
needs of the millennial," Okonkwo stressed.
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