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The dawn of the new decade has seen the world gripped by an unprecedented health crisis, with a pandemic never experienced before in our lifetimes affecting countless individuals, families and communities.

At the heart of this moment is digital technology: with the gradual ease of the lockdown and continued restrictions on movement to combat the spread of the virus across much of the world, digital solutions such as telecommuting, online customer engagement, on-demand delivery of products, virtual surveillance, cloud computing, and tech-supported production are offering lifelines for many during this pandemic. But with both limited and inequitable digital inclusion in Nigeria today, where lies the hope for sustainable technological infrastructure for real inclusion.

These and more were the focus of the just concluded third edition of the RegTech Africa Roundtable Dialogue with the theme “Technological Inclusion – Making the case for a holistic approach to digital infrastructure to rural areas”.

The goal of the webinar was to further the discourse on the advancement of financial inclusion through a holistic approach for sustainability leveraging technology infrastructure.

The virtual event which was moderated by Cyril Okoroigwe (CEO, Regtech Africa), featured key panelists like Agama Emomotimi, (The Head, Registration, Exchanges market infrastructure and innovations at Securities and Exchange Commissions, SEC), Ernest Uduje, (Chief Executive Officer, Itex Integrated Services limited), John Nsikak, (Head, Enterprise Innovation hub at Nigerian Stock Exchange, NSE), Tobe Nnadozie, (Divisional Head, Technology and Innovation at Central Securities Clearing System Plc, CSCS), Chidi Umeano, (Head, shared services at Central Bank of Nigeria), Olaoluwa Awojoodu, (Chief Executive Officer, E-settlement Limited) and Josephine Sarouk, (General Manager, regional operations, MTN Nigeria).

While making a case for shared services model as a panacea for Digital Inclusion, Chidi Umeano stated that the issue of technological inclusion of rural areas had long been on the forefront of things the central bank had been trying to achieve, he continued that all the issues raised by the poll conducted at the beginning of the event, such as cost and collaboration could be solved through a “Shared services model” approach, which simply is managing cost and efficiency through collaboration and support between the government, telecos, fintechs and regulators etc to pull services together to ensure the betterment of technological inclusion.

On the strategies to achievie the onerous task of deepening and broadening digital financial service access, Olaoluwa Awojoodu, highlighted key points while emphasizing on the need for long term investments in rural infrastructure. While commending the CBN on proper documentation of the Bank Verification Numbers, he called for more efforts to ensure penetration and to enhance full benefit realization of the real impact.

While highlighting the 5E’s (Empathy, Efficiency, Ease, Empowerment, Enlightenment) which could be used to ease the technological journey, Tobe Nnadozie pressed for the need to collaborate with the NCC to reduce the rate of data and improve the strength of the network to ease financial technology in accelerating digital financial inclusion through the capital market. He also cited one of the challenges of financial inclusion as the over-concentration of available services in urban areas.

In making the case for a holistic approach to digital infrastructure in rural areas, Josephine Sarouk highlighted that the biggest motivation for financial inclusion is the economic growth and impact in elevating people out of poverty and the huge opportunities it provides, especially in rural areas. She also decried the huge cost of providing physical banking facilities in the rural areas due to lack or limited licence to open mobile wallets for consumers.

On his own part, the head, Exchanges, Registration, Market Infrastructure and Innovations, Agama Emomotimi during his discussion on “Innovative regulation for technological inclusion- Capital Market perspectives”, posited that the essence of regulation is to provide support and protection to investors; stressing that the role of technology and innovation cannot be overemphasized in deepening access to financial services while enhancing overall prosperity.

Speaking on “leveraging alternate platforms, products and channels to deepen and widen financial access”, Ernest Uduje harped on the need to bring the rural dwellers into the technology and Financial journey through access to the stock market, digital lending, micro credit, micro insurance, agency banking services, e-learning and most importantly, basic education. He pressed for effective collaboration between policy makers and all other stakeholders in the value chain.

According to John Nsikak, regulators and stakeholders alike are faced with exponential obligations and are duty bound to bring the excluded people into the space of abundance.

He also posited that an enterprise innovation approach for technological and financial inclusion should be based on solutions that are accessible, affordable and safe.

Participants were drawn from broad and diverse industries such as financial institutions, regulators, financial service providers, fintech companies, development partners, entrepreneurs, etc.

In concluding the event, the Q and A sessions was conducted and comments were passed by participants.

The Regtech Africa Roundtable (RAR) provide a great platform for leading industry practitioners, tech innovators, serial entrepreneurs and regulators to share insights from an informed position on contemporary innovative regulatory issues to enhance policy thrusts through effectiveness, innovation and growth.

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