Financial inclusion has continued to assume increasing recognition across the globe among policy makers, researchers and development oriented agencies.

According to the CBN, it’s importance derives from the promise it holds as a tool for economic development, particularly in the areas of poverty reduction, employment generation, wealth creation and improving welfare and general standard of living.

A survey conducted in Nigeria in 2008 by a development finance organization, the Enhancing Financial Innovation and Access revealed that about 53.0% of adults were excluded from financial services.

The global pursuit of financial inclusion as a vehicle for economic development had a positive effect in Nigeria as the exclusion rate reduced from 53.0 % in 2008 to 46.3 % in 2010.

Encouraged by the positive development, the CBN in collaboration with stakeholders launched the National Financial Inclusion Strategy on 23rd October, 2012 aimed at further reducing the exclusion rate to 20% by 2020.

Specifically, adult Nigerians with access to payment services is to increase from 21.6% in 2010 to 70% in 2020, while those with access to savings should increase from 24.0% to 60%; and Credit from 2% to 40%, Insurance from1% to 40% and Pensions from 5% to 40%, within the same period.

“Our focus on leveraging digital innovations to drive financial inclusion was one of the main motivations for the launch of the eNaira, Nigeria’s digital currency.

To ensure that the eNaira is enabled for financial inclusion, a USSD channel for eNaira was created”. says CBN Governor, Godwin Emefiele.

As at the end of 2020 the financial exclusion rate had reduced to 35.9 percent. While this remains high when considered as absolute numbers, it is a huge improvement when compared to the position as at 2008 of 52.2 percent.

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Social Lender, a digital financial service startup was among the top five early stage scale up in the region.

Tech Nation’s Rising Stars 4.0 is United Kingdom’s most exciting competition for innovative, early-stage tech companies designed to showcase the best the country has to offer.

Reacting to the development, Co-founder, Social Lender, Faith Adesemowo expressed her satisfaction on the recent success, describing it as an exciting time for the Social Lender family.

‘’We are overjoyed at being selected as a Regional Winner and we look forward to making everyone in the team super proud. We are building a social network for Trust, Credit, Insurance and much more.

According to Faith, millions of people around the globe lack access to affordable credit and other formal financial services and social reputation main focus is to solve the multi-million-dollar problem by helping those people with thin files and people that are financially excluded access formal financial services.

“We aim to continue to leverage the opportunity of being the regional winners and the support of Tech Nation to expand our reach and equip more people with the Social Reputation Score which will allow them to access formal financial services quicker, more affordably and bring about economic empowerment over time.

Co-founder, Bade Adesemowo added that Social Lender helps financial institutions and other partner organizations offer financial services based on social reputation to individuals who are under-banked or have little or no access to formal financial services. The solution is available to users who do not have smartphones using USSD and SMS channels.

“The Social Reputation Score is a measure of trust that is use as measure of creditworthiness for several financial services including access to insurance, financial inclusion, KYC, and leasing for new migrants and students in the United Kingdom and United State of America”, he explained.

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