Group calls for inclusion of low-income earners in digital banking platforms

CAFEi, a non-profit organization with a focus in public enlightenment, advocacy and research has called on financial institutions to integrate low-income earners into digital banking platforms.

President of CAFEi, Otunba (Mrs.) ‘Debola Osibogun made this known at a Webinar conference tagged, “Going Digital the New Normal for Financial Transaction”

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The objective of the meeting is to aid consumers in making informed decisions on goods and services in all facets of life, including the banking and finance sector.

In her address, Osibogun said in the light of the new normal, the organisation is also set to protect consumer rights post-COVID-19.

“Financial institutions should be holistic in their drive for digital financial services by integrating low-income earners into digital platforms.

“The digital equivalent of cash should be acceptable across board, especially in the payment system.

“Relevant technology tools should be adopted and adapted in line with Nigeria’s peculiarities in term of languages to meet the needs of Nigerians.

“Build a system to integrate the current customers into digital financial services in order to avoid limiting the number of Nigerians that can access these digital platforms.

“The institutions need to integrate customer experience and user interface in designing their product and services. Co-creation of financial products and services by the customers, financial service providers and other stakeholders will deliver more effective solutions.

“Financial institutions should take responsibility for self-regulation thereby preventing customers from escalating disputes to regulators. This will boost customer confidence and trust in the usage of digital platforms,” she explained.

According to her, the future of the financial system is cashless through digital tools, while reiterating the need to collaborate in order to achieve the aim.

She said CAFEi has resolved to engage in massive digital financial literacy campaign that will educate customers and the general public in this regard.

“CAFEi in collaboration with Nigeria Communication Commission will advocate for the reduction in the cost of data usage with the aim of making digital financial services affordable. “The Central Bank as a regulator, has rolled out several policies in protecting consumers’ right. However, there is a low level of awareness.

“CAFEi is committed to working with the Central Bank of Nigeria in this regard.

Consumer right needs to be protected in respect of the underlying risks in digital financial services as most users are not aware of the implications.

“CAFEi and Central Bank of Nigeria have a role to play in creating awareness in this regard.

“CAFEi has resolved to work with Central Bank of Nigeria on financial education via radio jingles, advertisements and infographics for mass digital financial enlightenment,” she added.