Nigeria wants to attain 95% financial inclusion by 2024. Here’s how digital banks are wooing the young population
Nigeria’s leading digital bank, ALAT by Wema, made a bold statement with the unveiling of music star David ‘Davido’ Adeleke as its ambassador to bear the brand’s flag to its more youthful target users.
The move is part of the bank’s mission to drive financial inclusion among Nigeria’s young population and help the country meet its financial inclusion target.
The Access to Financial Services in Nigeria 2020 Survey by the Enhancing Financial Innovation & Access (EFInA) shows that 51% of Nigerian adults use formal financial services, such as a bank, microfinance bank, mobile money, insurance, or pension accounts. The data, however, shows that Nigeria still falls short of the National Financial Inclusion Strategy targets for 2020, which aimed to reach 70% of Nigerians with formal financial services by 2020.
With young adults between the ages of 18-25 significantly more likely than older adults to be financially excluded, there is no better way to drive financial inclusion among this demography than digital banking, making the banking experience seamless and effortless. This has made it possible to open and operate a bank account from any part of the world without stepping into a banking hall.
The Central Bank of Nigeria’s (CBN) digital financial drive is also expected to help curb restiveness among the young population by exposing them to economically viable ways of improving their livelihoods and ensuring that they understand the need for the safety of their funds protected within formal financial institutions.
This is part of why Wema Bank pioneered digital innovation in the banking sector with ALAT to reduce the exclusion of young people and simplify banking for old and young.
That ALAT digital bank provided an easy platform for Davido’s historic fundraiser in November after opening an account from his hotel room in Dubai, the United Arab Emirates (UAE), proves how digital banking makes it easy for young people to get bank accounts. ALAT By Wema’s technology is further boosted by a convenient USSD platform that enables easy account opening in *945#.
With the unveiling of Davido as its brand ambassador, the digital bank affirms its position as a youth-focused bank committed to helping Nigeria achieve its financial inclusion target.
At the unveiling ceremony, Davido said, ‘I am excited to join the ALAT Trybe and look forward to the great things we will achieve together. This partnership is the beginning of a very interesting phase for ALAT and I.’
Funmilayo Falola, Head Marketing Communications and Investor Relations at Wema Bank, said ‘As Nigeria’s first digital bank, ALAT recognises that its users are youthful, tech-savvy and trendy like many of Davido’s fans, and as such, is welcoming the artiste as a major part of the company’s DNA.’ She added that ‘this is part of our goal to wholly demonstrate that the brand is more than just a trusted digital platform; we are a pioneer and leader of the pack. ALAT raises the bar above its contemporaries, and we demonstrate this by supporting the exciting lifestyles of the youth.’
