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Why 40 Million Nigerians Are Financially Excluded – Inlaks, MD/CEO, Femi Adeoti (Demo)

The fear of using electronic channels such as card, ATM, and internet banking has been identified as encumbrances that are preventing over 40 million Nigerians from being financially included.

MD/CEO, Inlaks, Femi Adeoti, who spoke at the 2017 TEDxIkeja platform in Lagos revealed that terrorism, money laundering, and weak legal system are other hindrances that have contributed to shut out over 40 million Nigerians from the formal financial system.

However, Adeoti said there are risks involved in not using the formal financial system. Some of these risks include robbery, lack of access to credit, difficulty of customer identification, banking the poor still often seen as a corporate social responsibility activity. “The banks would not give you loan if you do not have credit history. Banking is not a CSR”.

He therefore advised that businesses should exploit the available opportunity to serve the 40 million Nigerians that are waiting to be integrated.

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