Could religious institutions be major drivers of financial inclusion? This new report seems to suggest so
By David I. Adeleke
On Thursday, August 16, the Lagos Business School, through its Sustainable and Inclusive Digital Financial Services (SIDFS) initiative, in partnership with Dalberg, the global strategy firm, revealed the key findings of its Customer Segmentation study.
The study identified broader community engagement, including with religious institutions and social groups, as essential to driving financial inclusion in Nigeria.
Nigeria is a largely religious society and one where citizens depend on religious social structures, it is not surprising that the study seems to suggest such an approach.
The study also identified the need for more unconventional means of on-boarding financially excluded persons (i.e., people without bank accounts and no access to digital financial services) such as the use of livestock ownership as collateral for financing.