To deepen financial inclusion, China is seeking to partner with Nigeria. This was disclosed by Huawei Chief Solution Architect, Southern Africa Region, Lee Maina. He said this in the just concluded Nigeria fintech week 2022.
“We are seeking partnerships in Nigeria with like-minded organizations to deepen financial inclusion.” He added that it is not just about their ability to package all these best practice learnings from other successful sites. According to him, it is about ensuring faster time to revenue.
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Financial Inclusion – Inside Nigeria Fintech World
Diving deep into Nigeria’s Fintech market, we see that the industry remains heavy innovation around payments. There is also a need to onboard MSMEs at the centre of our ecosystems, motivate them to stay online, and carry out business online.
So we need to go beyond payments and try to fix some of their enterprise operation pain points. This includes business digitization, and connection to demand from the customer side.
We should also not exclude B2B marketplaces that include local suppliers as well as those from China and facilitate seamless cross-border payments.
This method would lead to the generation of the much-required data for a more objective credit assessment. This allows extended credit to the over 90% of MSMEs who cannot access money.
It should be recorded that Huawei deployed its Finance and payments cloud as part of its FINTECH 2 strategy. It now boasts of a microloan, buys now pay later, shoppers loans, overdrafts, savings, and Super apps amongst others. This allows FinTechs in Nigeria to enjoy them in SAAS mode with minimal investment.
Would this partnership be possible and how would it be beneficial to Nigeria? Will it stabilize the economy? Let us know your view in the comment section.
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