Collaboration key to Improving Financial Inclusion in Nigeria – aYo Nigeria Boss, Kayode Odetola
Kayode Odetola, the Chief Executive Officer of aYo Nigeria, a subsidiary of aYo Holdings, Africa’s emerging microinsurance fintech, has posited that collaboration is critical to deepening financial inclusion in Nigeria.
He made the disclosure during a panel session on ‘Nigerian Fintech so Far: Assessing Trends, Opportunities & Obstacles’ at the second edition of the Nigeria Fintech Forum, themed ‘Reimagining the Future of Financial Inclusion in Nigeria: Examining the Role of Banks, Telcos and Fintechs’.
Mr. Odetola, who emphasised the significance of leveraging technology to empower marginalised communities and bridge the insurance gap in Nigeria, stressed that exploring innovative solutions backed by technology can birth the growth required in bridging the financial inclusion gap especially as about 40% of Africans remain unbanked.
In his remarks, Mr. Odetola outlined aYo Nigeria’s vision, in partnership with Sanlam, to empower underserved and vulnerable communities by providing access to a range of tailored insurance products that meet their specific needs.
“Bespoke financial and insurance solutions can become the enabler for underserved communities in our quest to achieve financial inclusion. With this understanding, we partnered with Sanlam to launch a Recharge with Care product that enables Nigerians to purchase Life and Hospitalisation cover for as low as ₦125 per month. The product offers beneficiaries benefits of up to ₦2,500 per night payable in the event of hospitalisation due to accidents or illness, and up to ₦100,000 in the event of any death of the policyholder,” he said.
Highlighting the transformative potential of technology, Mr. Odetola underscored the importance of collaboration and cross-sector partnerships within the technological ecosystem. He believes that combining forces with various stakeholders, including financial institutions and government agencies, can create a powerful synergy that accelerates progress and maximizes the impact of these financial inclusion initiatives.
“Co-opetition will be the rallying point for the financial inclusion agenda in unlocking the full potential of technology-driven financial services in Nigeria. By working together, we can create an enabling environment for inclusive growth and financial empowerment,” Mr. Odetola added.
Through these strategic collaborations, Kayode Odetola envisions a future where financial inclusion becomes a reality for millions of Nigerians, lifting people out of poverty and enhancing their economic well-being.