FG Aims To Boost Nigeria's Formal Economy Through Financial Inclusion

 The federal government has revealed its intention to prioritize financial inclusion initiatives as a means to stimulate the growth of Nigeria's formal economy. Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, shared this objective during the launch of the Kayi bank App in Abuja. He emphasized that promoting financial inclusion is crucial for poverty alleviation, as it provides citizens with access to financial tools like savings and credit. 

Tijani also highlighted the potential for digital innovation that arises from financial inclusion, which can lead to the development of new products and services, ultimately enriching the nation's economy. He underscored the importance of financial inclusion in reducing reliance on risky informal financial practices. Additionally, Tijani pointed out that driving financial inclusivity is essential in a country like Nigeria, where entrepreneurship plays a significant role in economic growth. The availability of credit through financial inclusion can empower small-scale businesses and create job opportunities. Lastly, he emphasized the positive impact of financial inclusion on agriculture, higher financial literacy, and overall economic development.

Abdulganiyu Rufa'i, the product team lead, highlighted that the Kayi App aims to address the digital payment industry's needs in Nigeria by offering instant digital payment services for individuals and businesses. The app is designed to enhance financial inclusion, particularly in rural and semi-urban areas, facilitate trade, support remittances, and encourage investments for Nigerians and Africans in the Diaspora. The African fintech market holds significant potential, and the Kayi App aims to make a substantial contribution to meeting the demand for digital financial services across the continent.

Yunusa Mohammed, the Managing Director of Kayi Bank, expressed optimism that the app would boost the activities of small businesses in Nigeria.

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