Branka Mracajac, 9PSB’s Chief Executive Officer, has stressed the need of paying special attention to content creation as a key aspect in driving and accelerating financial inclusion in the country, claiming that it has the potential to improve the long-term future of digital banking. Mracajac made this assertion while presenting a keynote address, themed “Content Creation and Financial Inclusion; The Future of Digital Banking” at the Tech Summit Ogun 2022, which was held at the Olusegun Obasanjo Presidential Library Abeokuta, Ogun State on Thursday, February 17, 2022.
While there are ongoing attempts to promote the country’s financial inclusion goal, she believes that a lot more emphasis should be placed on developing specialized methods that target specific requirements. “Access to banking agents and touchpoints is happening right now across the country; payment service banks, microfinance banks, and FinTech firms are all working on it.” Will this, however, be sufficient? Will access to digital banks change Nigerians’ perceptions in rural regions and be sufficient to drive the country’s transformation from cash to a cashless society?” she questioned.
Mracajac outlined the path forward, emphasizing the importance of providing financial literacy through the information that appeals to the typical Nigerian in the country’s unserved rural areas, noting that financial inclusion is a process, not a destination.
She went on to say that creating content that only speaks to the already banked and mirrors the digital financial habits of the completely included and extensively banked will not help to retain the newly onboarded in the system for the long run. “While creating and delivering content for financial inclusion, we must keep in mind the needs of its beneficiaries, the targeted end-users of financial services who are currently underserved, and the only sustainable way is for us to join forces and create content – apps and services that will address the specific needs of a farmer in Benue, market women in Onitsha, the trader in Kano, the fisherman in Delta, and the woman selling ofada rice in Ogun,” she said.
She went on to say that content creators must focus on two major goals in order to move offline individuals and MSMEs from cash to cashless, analog to digital, and informal to formal banking: one, to deliver relevant and on-point digital financial literacy content, educating people about the principles, ways, modules, and benefits of banking; and two, to deliver relevant and on-point digital financial literacy content, educating people about the principles, ways, modules, and benefits of banking. The second is required for long-term financial inclusion, according to her: the provision of digital banking services that reflect the lifestyle of the currently unbanked and underserved population.
She urged all stakeholders in the financial ecosystem, including content creators, to collaborate to design and implement a digital content strategy for the unbanked in order to accelerate financial inclusion and, as a result, improve the economy, society, and quality of life for all Nigerians.
In his own keynote address, titled “Disruptive Innovation: Production and Distribution of Creative Content, the Honourable Minister of Communications and Digital Economy, Professor Isa Ali Ibrahim Pantami, who was represented by the Chief Executive Officer, Nigerian Communications Satellite Limited (NIGCOMSAT), Dr Abimbola Alale remarked that the quality of creatives and start-ups that Nigeria has produced is a testament to the potential of the ecosystem, and as such the ministry will continue to support the tech and creative entrepreneurs to play their part in developing Nigeria’s digital economy.
The Tech Summit Ogun is an annual convergence of Tech disruptors, innovators, startups, organizations and technology enthusiasts in Ogun State, aimed at spurring technological innovation towards the digital transformation and technological advancement of Ogun State. This year, the summit attracted over 2000 participants, mainly youths and start-ups.