The Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, has sounded the alarm on the growing reliance of Nigerians on loan shark applications due to limited access to credit, a situation that is exacerbating poverty in the country. These concerns were raised during the official launch of Kayi Bank, a new digital banking platform, in Abuja on Thursday.
In his address, Minister Tijani underscored the critical need for financial inclusion in Nigeria, which can be greatly advanced through the use of digital banking services. He emphasized that financial inclusion is an indispensable factor in achieving inclusive growth within society, calling the launch of Kayi Bank a significant step towards this objective.
Dr. Tijani asserted that economic growth cannot occur without adequate financial inclusion. By expanding access to banking services and encouraging more individuals to participate in the formal economy, financial inclusion plays a pivotal role in driving economic prosperity.
Highlighting the dire consequences of limited access to credit, the minister pointed out that many Nigerians are forced into risky and unregulated financial practices. These practices often involve seeking loans from informal sources, burdening borrowers with exorbitant interest rates and perpetuating a cycle of poverty.
The minister urged innovators to channel their efforts into developing products and services that empower ordinary citizens economically.
The Kayi App, at the heart of Kayi Bank’s digital platform, offers a secure and innovative solution aimed at accelerating financial inclusion for individuals and businesses across Nigeria and beyond. With the necessary regulatory approvals in place, Kayi Bank is poised to facilitate secure, seamless, and hassle-free financial transactions.
Abdulganiyu Rufa’i, the Product Lead of Kayi App, emphasized the vast market opportunity that has driven the platform’s introduction. He noted that Africa’s fintech sector is teeming with potential, and Kayi App is determined to make a substantial impact by addressing unmet needs in the digital payment industry, including financial inclusion, cross-border trade, remittances, and investment opportunities.
The technology team behind Kayi App, led by Chukwunonimem Ike, highlighted their commitment to relentless innovation and a customer-centric approach. They have designed the platform to confront the unique challenges faced by individuals across Africa head-on.
In summary, Dr. Bosun Tijani’s address shed light on the pressing issue of limited access to credit in Nigeria, which is driving people toward loan shark applications and perpetuating poverty. The launch of Kayi Bank, with its Kayi App digital platform, represents a pivotal step in addressing these challenges, fostering financial inclusion, and promoting economic growth in the country.