A former Senior Executive at MTN Adekunle Adebiyi, has identified focus on rural areas as vital to deepening financial inclusion in the country.

Adebiyi, who is the Chief Commercial Officer at Itex Integrated Services Limited, spoke on the impact of fintech on Nigeria’s financial inclusion goals, in an interview.

He shed light on the role of fintech in the country’s financial inclusion strategy, and how a focus on rural distribution can help reach more unbanked Nigerians.

“Fintechs work with traditional banks to improve the sustainability and accessibility of the services they offer to the public. Because of this, distribution is crucial if we are to reach Nigerians without bank accounts. Rural areas, where more unbanked people reside, must become the focus instead of metropolitan and semi-urban areas. As a country, we have made progress toward financial inclusion, but if we are to meet our goal, we must use financial technology,” he said.

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According to him, rural communities continue to suffer as banks cut operational costs by reducing the number of Automated Teller Machines (ATMs) and branches, focusing instead on getting more customers to embrace digital banking through smartphones. Yet, 40 per cent of adults living in rural areas have no formal bank account and limited smartphone access.

“Thankfully, PoS terminals and mobile money agents are increasing, providing financial services and, in some cases, acting as an agent through which the unbanked can open tier 1 bank accounts requiring only passport photographs,’’ he added.

He argued that it was important to understand that traditional banking and fintech are both sides of the same coin.