Oluwadare Owolabi, Managing Director and CEO of Xpress Payment Solutions Limited, a leading financial technology solution firm, has identified the inadequacy of products and services as constraints to financial inclusion.
This was disclosed in an interview session with newsmen carried out on 12 October 2018.
According to Owolabi, majority of the licensed mobile money companies lack attractive products and services on their platform, which has caused a reduction in the interest in agent network providers.
Speaking further, the MBA holder from Southern Polytechnic state University GA, U.S.A, highlighted poor network coverage, inadequate agency networks, high cost of setting up agent and lack of adequate awareness as factors militating against financial inclusion in Nigeria.
Owolabi believes that “poor network coverage greatly hinders the provision of basic agent banking services in rural areas”, which in turn makes transactional activities very difficult.
On the solution to the problem, the MD/CEO called for the education and sensitisation of all and sundry on financial inclusion, as he believes this will strongly reduce the incidence of financial exclusion in Nigeria.
On the services rendered by his company, Owolabi outlined Unstructured Supplementary Service Data Payment, Transaction Channels, Micro Finances, Micro Savings, Micro Loans and loyalty as some of the services rendered by Xpress Payments.