The Central Bank of Nigeria should be commended on their giant strides in driving E-Banking Business in the country. Without any doubt, this has helped to
create and support the Federal Government’s ease of doing business in Nigeria. The use of technology to drive banking and financial transactions has led to the creation of several products driven by Debit Cards, Credit Cards, Point of Sales Machines , USSD Technology, Instant Transfer and Others. It has been generally recognized that Nigeria is the leading nation in the world of E-Banking and technology driven electronic financial transactions.
However, there has been a consistent agitation from the lower end merchants, petty traders, farmers, market women, artisans, rural dwellers and even financial inclusion experts that most of these products as commendable as they are, are too sophisticated for the low-income earners in our society. These segments of our population have phones and phone numbers, but do not use smart phones.
Phone Banking will not only drive the savings culture, but also help the nation to build up data and records on these segments of the populations. Phone Banking is also an opportunity to bring over 100 million Nigerians in the informal financial sector into the formal sector of the economy and help to provide a platform for credit appraisals of several citizens of the country.
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