BY EBI NIEKETIEN
THE Head of Sales, South-South, Interswitch, Emmanuel Nwokocha has called on microfinance institutions to leverage on digitalization to overcome challenges, provide growth opportunities in the financial sector and improve overall service delivery.
Nwokocha made the call recently at Interswitch’s Techconnect 4.0 event for stakeholders in Asaba, with the theme, ‘’unlocking growth opportunities through technology and innovation’’
Giving his keynote address on ‘’the future of microfinance – digitalization, challenges, and growth opportunities’’, he said that despite the advances the sector had witnessed over the years, it continued to face barriers that had impeded the extension of financial services to the grassroots.
He opined that by harnessing digital platforms, microfinance institutions could drastically reduce the cost-of-service delivery, improve customer engagement, provide more tailored financial products, and create a more inclusive financial ecosystem that is accessible, affordable, and effective. ‘’At Interswitch, we strongly believe in a digital-first approach. Solutions such as mobile banking, digital wallets, AI-driven credit scoring, and cloud-based platforms are very essential for ensuring microfinance remains relevant and resilient in an increasingly digital world.
‘’ Looking ahead, the future of microfinance is one where digital technology is seamlessly integrated into every aspect of service delivery. Imagine a world where a farmer in a remote village can access a micro-loan in minutes via a mobile app, or where a small business owner can receive tailored financial advice through AI-driven chatbots.
‘’Realizing the full potential of digitalized microfinance requires collaboration. Financial institutions, fintech companies, regulators, and telecom providers must come together. We must build partnerships that foster trust, create synergies, and ultimately contribute to the sustainable growth of the microfinance sector. Events like interswitch’s techconnect series are very important in providing a platform for stakeholders to connect, share insights, and collaborate for impact.
‘’Microfinance institutions will operate with the efficiency of digital banks, powered by robust data analytics and cloud computing. This is not a distant dream; it is a future we can build together, starting right here, today’’ he said.
Also speaking, the Managing Director, Schoolville limited, Charles Omordia, who spoke in a fireside chat, alongside Head Sales, Interswitch, Nomso Ebonwu, on ‘’the role of collaboration between government and fintechs in digitalizing microfinance as a business’’ said the Delta State government had empowered a number of Small and Medium-sized Enterprises (SMEs) in the last eight years.
He said the state government, through the innovation hub, has trained several tech enthusiasts in mastering cybersecurity, data analytics, web development, product design (Ui/UX), content creation and monetization.
