27-28 SEPTEMBER 2016

WorldPensionSummit Africa Special

The only platform 'for and by' Pension Professionals, exchanging knowledge and innovative ideas on securing sufficient pension provision. 

 

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Modupe Ladipo

Modupe Ladipo

Director, Enhancing Financial Innovation & Access | London

 One of the pioneers of financial inclusion in Nigeria. From 2008 to 2014, the number of adults in the formal financial sector in Nigeria increased by 25 million, which in some part, can be attributed to EFInA’s impact in broadening the understanding of the economic benefits of financial inclusion amongst a diverse range of stakeholders.
 Established and maintained EFInA’s reputation as an ‘honest broker’ in promoting financial inclusion in Nigeria, through effective collaboration with stakeholders in both the public and private sectors.
 Increased EFInA’s funding from £7 million in 2008 to £30 million in 2013, as a result of the organisation’s success, impact, and effective management of funds.
 Provided strategic guidance to 70 institutions on product/business model development for financial services targeted at the low income segment.
 EFInA actively supported the Central Bank of Nigeria (technical assistance and funding) in the development of the National Financial Inclusion Strategy which was launched in 2012, and was instrumental in establishing the Financial Inclusion Secretariat. 10 institutions (financial services providers & regulators) have set up financial inclusion units/departments.
 Data from the EFInA Access to Financial Services in Nigeria surveys was a key source of information in the development of the National Financial Inclusion Strategy; is used by a wide range of stakeholders as the benchmark for measuring trends and progress in financial inclusion in Nigeria; is used to drive policy reforms; for developing business cases for providing products to the financially excluded; and for measuring progress towards achieving the National Financial Inclusion targets.
 Commissioned 17 surveys/scoping studies to provide relevant and reliable data on the demand for and usage of a range of financial products (formal and informal) across all sectors within the Nigerian financial services industry.
 Over 100 institutions have used or cited EFInA’s data; whilst 27 organisations have purchased data from the EFInA Access to Financial Services in Nigeria surveys.
 Catalysed innovation in the Nigerian financial services industry, by hosting 37 conferences/workshops on a broad range of pertinent issues impacting the industry.
 Awarded 27 grants totalling £8 million to organisations in the private and public sectors seeking to provide relevant financial products/services for low income individuals, households and MSMEs.
 Played a pivotal role in the development and implementation of financial inclusion policies such as mobile money, non-interest (Islamic) banking, tiered-KYC, improving access to finance for MSMEs, agent banking, microinsurance, updated microfinance policy, Takaful, consumer protection, cash-less policy, financial literacy for banking, insurance and capital markets. This created an enabling environment for financial services providers to develop and provide a range of relevant products which can be distributed through different channels such as mobile phones and agents.
 Set up and managed 2 Working Groups, one focused on Non-interest Finance (in 2009) and the other on Mobile Money (2012), to bring together market operators and regulators, in order to adopt a multi-stakeholder approach to drive the uptake and usage of non-interest finance and mobile money respectively in Nigeria.
 Sponsored customised training and capacity building programmes (local and international) for over 160 participants from a diverse range of institutions across the Nigerian financial services industry.
 Built the capability of key stakeholders in the private and public sectors on key aspects of financial inclusion, such as regulations, product development, gender, and business models for ensuring sustainability.

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