Technology, key to financial servicing in rural areas – CIBN

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The Chartered Institute of Bankers (CIBN) logo

The Chartered Institute of Bankers of Nigeria (CIBN), says the only way that financial services can get to all rural areas in the country is through technology.

The CIBN Chairman, Dr Uche Olowu made the assertion in an interview with Journalists in Lagos on Monday.

“ The only way to go to the rural area is through technology, which in today’s banking is the mobile phone, which is the project that the bankers committee, CBN and CIBN have put in place.

“The programme is called Shared Agent Network Expansion Facilities (SANEF), which is aimed at establishing a 500, 000 strong agent network across the country to meet the services of these people.

“So, we are introducing and creating awareness that with your phone, you can have financial services; we are leveraging on technology because everybody carries phone, including my old mother in the village.

“We are advertising in radio, in various languages and in various local governments creating that awareness.

“This is because we know that if we bring the unbanked to the banks, financial inclusion is the key to creating economic growth and inclusive share prosperity,’’ he explained.

Olowu said that the association would continue working tirelessly to ensure financial services got to people in rural areas.

Also commenting, a Professor of Banking and Finance, Imo State University, Owerri, Michael Ndulu, explained that with the establishment of more Micro Finance Banks in the rural areas, financial inclusion would be enhanced.

“Financial institutions should establish more micro finance banks in the rural areas because these are the type of banks that should be set in those areas for micro credit and micro deposits.

“So, if they can extend the idea of creating micro finance banks in these areas, those who are excluded can be reached,’’ Ndulu added.

Peace PIAK