Accion Microfinance Bank Limited has restated its commitment to economically empower micro entrepreneurs and low-income people in a sustainable, ethical and profitable manner. The MD/CEO of the bank, Mr. Taiwo Joda, stated this at the annual Accion Microfinance Bank Financial Inclusion Seminar held in Lagos recently. Micro-entrepreneurs and low income earners: Speaking on the topic ‘Enhancing Financial Inclusion: Leveraging Digital Literacy, Products and Services’, Joda said that financial inclusion is a fundamental human right that provides affordable and convenient financial services to every individual, regardless of socio-economic status. is about providing access. – “Axion Microfinance Bank’s commitment to this noble cause is unwavering, with its mission to empower micro-entrepreneurs and low-income people economically in a sustainable, ethical and profitable manner. – Our approach hinges on leveraging digital literacy, products and services to harness the transformative power of the digital revolution. Steps taken include increasing digital literacy, introducing a range of digital products and services and forming fintech partnerships for innovative solutions. He said. According to Joda, the bank’s objectives are twofold: first, to inspire innovation by sharing practical knowledge gained during our decade of operations, and second, to foster collaborative learning to influence policies, particularly around digital financial products. and in the responsible provision of services. Joda said the impact of the bank’s efforts is evident in the positive transformation of lives. The news continues even after this advertisement – “Looking ahead, we are committed to becoming the market leader in microfinance, investing in technology and innovation to remain at the forefront of financial inclusion efforts. – Financial inclusion is a continuous journey, not a destination. – Although we are proud of the progress made, we recognize that there is still much work to be done. Driven by our mission, inspired by our customers, and guided by the belief that financial inclusion is not just our responsibility but our privilege, we are ready for the challenges and opportunities that lie ahead. He said. Digital Skills in Adult Education Curriculum: Speaking on ways to enhance financial inclusion, one of the panelists at the event, Dr. Godwin Ehigiamus, Group Managing Director of LAPO Microfinance Bank Limited, said increasing digital awareness through education will help bridge the financial inclusion gap in the society . – “For me, I would like to recommend that the government should include digital skills in the adult education curriculum. For operators both the technology part and the financial sector can pass on these basic digital skills in the process of involving people. – They should do this not only for the benefit of their customers, but also for institutional stability and increased profits.” He said. what you should Know: Axion Microfinance Bank (Axion MFB) and leading e-commerce firm Justrites Superstore have recently entered into a strategic partnership to provide convenient and accessible buy, pay later (BNPL) solutions to customers. The collaboration will commence in December 2023 and will enable customers to purchase goods from any of Justrite’s 23 stores, subject to credit worthiness approval by Axion MFB. The signing of the Memorandum of Understanding (MoU) took place at Accion’s head office in Lagos, where Managing Director Taiwo Joda expressed his enthusiasm for the partnership. He emphasized that this agreement will provide much-needed financial support to customers, helping them access essential groceries and products that are in line with their aspirations. – “This BNPL solution empowers both existing and new Justrites customers with the financial flexibility to purchase their desired products and make payments conveniently within a period of 30 days,” Joba said. – “We will carefully evaluate the creditworthiness of each customer through our proprietary algorithms,” he explained. – Elaborating further on the assessment process, Joba said, “We will assess individual customers’ financial history, creditworthiness and willingness to repay. These factors will be combined to create a credit score. Equally, interested customers are expected to have an account with Axion MFB before they can access the loan facility. Source: nairametrics.com
