Technology key to financial inclusion, economic growth – Sanwo-Olu

Lagos State governor, Mr Babajide Sanwo-Olu, has emphasised the pivotal role of technology in driving financial inclusion.

Sanwo-Olu stated this at the 2nd International Financial Inclusion Conference 2024 (IFIC’24) held on Tuesday, at Victoria Island, Lagos, with the theme: ‘Inclusive Growth: Harnessing Inclusion For Economic Development’.

Newsverge reports that IFIC is an engagement platform for regulatory institutions, financial services providers, development partners, and other financial inclusion ecosystem players and stakeholders.

They foster dialogue around contemporary developments, identify challenges to achieving financial inclusion goals, and offer solutions to ensure a more inclusive financial system.

Newsverge reports that the maiden edition was held in 2022.

The Governor, represented by his Deputy, Dr Obafemi Hamzat, noted that the digital revolution had transformed the way people live, work, and interact.

According to him, it offers new tools to leverage for financial inclusion.

Sanwo-Olu said that the state government would continue to embrace technological advancements and support policies that foster fintech growth.

“Mobile banking, digital payments, and fintech innovations are breaking down barriers, providing financial services to previously underserved populations.

“Technology must prioritise the needs, culture, and aspirations of the people it serves.

“Also, the ultimate goal of financial Inclusion is, lifting people out of poverty, empowering them to make choices, and enabling them to build better lives,” he said.

Sanwo-Olu acknowledged the Central Bank of Nigeria’s efforts in fostering a more inclusive financial landscape.

He said success would not be measured solely by statistics, but by real-life stories of transformation.

The governor emphasised the transformative power of financial inclusion, describing it as a bridge to equity and inclusive growth.

He stated that, in Lagos, financial inclusion had empowered small business owners, artisans, and market traders to thrive.

He, however, noted some challenges, including limited access to formal banking, infrastructure gaps, trust issues, and the digital divide.

Sanwo-Olu urged innovative solutions, resilience, and determination to overcome these obstacles.

According to him, there is a need for passion, purpose, and shared vision toward building an inclusive economy where no one is left behind.

“With technology at its core, Lagos State is poised to drive economic growth, empower citizens, and ensure that every individual has a fair chance to succeed,” he said.