According to Dr. Bosun Tijani, Minister of Communications, Innovation, and the Digital Economy, Nigerians are turning to loan shark apps at an increasing rate because they have limited access to credit, which makes poverty even worse.
On Thursday in Abuja, he made this statement during the opening of a new digital bank called Kayi Bank.
The minister emphasized the importance of strengthening financial inclusion in the nation through digital banking.
He said “It is crucial for you to have inclusive growth in society, and that includes financial inclusion, he stated. Therefore, the initiative you are launching today makes a significant contribution to the goal of inclusive growth“.
He emphasized that without financial inclusion, there can be no economic growth.Because it increases the number of people who can engage in the formal sector, financial inclusion considerably boosts economic growth, the speaker continued.
He pointed out that people have turned to unsafe and illegal financial practices as a result of the lack of access to loans.
“When people have access to banking services, they are less likely to turn to risky and impromptu financial practices,”
You are all aware, I’m sure, that when people lack access to credit or financial services, they must go seek loans from strangers who will charge them high interest rates. They will continue to live in poverty if they do this because they will keep trying to balance their budget and meet their obligations, which is usually a challenge. The Minister stated.He advised inventors to concentrate on developing goods and services that would empower common people. The Kayi App is an innovative and safe pan-African digital payment platform that has received the required regulatory approvals to start operating in Nigeria. Its goal is to make it easier for people and businesses inside and outside of Nigeria to access financial inclusion through safe, simple, and hassle-free transactions.
“We are confident in our capacity to address the growing demand for digital financial services across Africa, where the vast majority of Africans are unbanked or under banked. As a result of identifying unmet needs in the nation’s digital payment sector, Kayi App is well-positioned to demonstrate its strength in providing core services and solutions like instant digital payments for people and businesses, financial inclusion, and social banking for people in rural and semi-urban areas, blockchain-backed cross-border trade for exporters and importers across Africa, and remittances and investments for Nigerians and Africans in Diaspora“. Says Rufa’i
What made Kayi App stand out in the mobile paying App according to the technology team
Chukwunonimem Ike, said, “What truly distinguishes the Kayi App is our unwavering commitment to relentless innovation and a customer-centric approach that places you at the forefront. We recognise the distinctive challenges faced by individuals across Africa, and it’s precisely these challenges that have inspired us to craft solutions that confront them head-on.”