…as Kayi bank launches banking app
By Joy Baba-Yesufu
The Federal Government has said the major key to economic growth is total financial inclusion of everyone, sector and businesses no matter how small for an all-inclusive growth.
It further said financial inclusion contributes to economic growth by increasing the number of individuals and also businesses that can participate in the formal economy.
Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani stated this yesterday in Abuja at the launch of Kayi banking app, an app that intends to take the lead in banking without limits, and an evolution in Nigeria’s Fintech.
He said Nigerians are extremely entrepreneurial noting that there is a significant amount of our entrepreneurs that are not included in the formal economy and if these entrepreneurs are not included in the formal economy, we will struggle to actually to drive strong and inclusive economic growth.
“Through financial inclusion, we can bring more people into the financial economy and by bringing more people into our financial economy, we stand a chance to reduce poverty because financial inclusion actually help in alleviating poverty by giving people access to financial tools such as savings and credit.
“When individuals have access to banking services, the less likely to result to risky and informal financial practices. Good financial inclusion will ensure that farmers have access to resources that they need as impute. They can manage income better, they can manage their sales better but they also can access credit that can help them to do what they need to do.
“When we have financial inclusion, there is opportunity for digital innovation because when people are financially included, there is a chance for innovators and entrepreneurs to come up with new product and services that people can actually pay for and by doing so, we deepen the complexity of our economy, this is how we become a great nation”.
Promoter of the app, Ahlhjia Saadina Dantata said as an innovative fintech product, Kayi App was born out of a vision to revolutionise the financial services landscape in Africa to fulfil the need for accessible, secure and customer-centred financial services that cater to the unique needs of Nigerians and Africans at large.
“We are excited to introduce our innovative fintech product, Kayi App, to the Nigerian market. With our dedicated and young team of innovative and creative Nigerians drawn from across the world, we have worked tirelessly to develop a suite of fintech solutions that will make financial transactions simpler, faster, secure and more convenient for everyone”.
In his address, the product lead, Abdulganiyu Rufai said the journey with Kayi bank is rooted in a vison of financial inclusion in Africa, building banking models that will alleviate pressing issues faced by our people and conquering the challenges of cross boarder payment including vital life line of diaspora remittances.
