An IT expert, Mr Olajide Abiola, has said that poor application of technology was responsible for apathy to banks’ products.
Abiola, who is the Chief Executive Officer of Kiakia Bits Ltd., Lagos, made the assertion in an interview with the News Agency of Nigeria (NAN) on Saturday in Lagos.
According to him, the inability of many commercial banks to explore this essential tool is also responsible for the country’s low financial inclusion level.
He said that Lafferty Global Research Report showed that Nigeria had the lowest consumer loans portfolio compared to countries like Egypt, Malaysia, Turkey and South Africa.
Researches and available statistics have shown that over 80 per cent of Nigeria’s income earners who have bank accounts do not have access to micro loans to meet their immediate and unexpected needs.
These are millions of people who are unable to access small amounts of cash with the respective banks they have had years of banking relationship with.
In 2001, South-Africa, with a population of 45 million boasted of a consumer loan portfolio of 293.29 billion dollars, while Nigeria with an estimated population of about 160 million stood at 7.29 billion dollars.
It is unacceptable for a country which has the highest GDP; the highest number of young, digitally savvy population and the highest number of internet connected devices in Africa.
Credible people must not be denied access to consumer credit finance because the banks have refused to utilise technology to dispense financial justice and socio-economic opportunity,’’ the expert said.
Abiola said that his organisation launched an online financial platform to fill the vacuum created by the banks through micro short-term consumer loans available to Nigerians within 24 hours.
“There is enough data and coding power in the world to remotely determine an individual’s identity, character and creditworthiness which are all we require to provide responsible lending to individuals.
“We will make a real difference in the financial lives of millions with our governance, finance, computing, programming, designing experiences and skills,’’ Abiola said.