Technext Technext
  • Home
  • Stories
    • WhatsApp Gives Itself More Personalised Audience with its Debut on WhatsApp Status
      WhatsApp Gives Itself More Personalised Audience with its Debut on WhatsApp Status
      1 hour ago 0
      28
    • Startup Review: How Selar Helps Creatives Sell Digital Products and Make Money Online
      Startup Review: How Selar Helps Creatives Sell Digital Products and Make Money Online
      18 hours ago 0
      42
    • My Identity Pay Launch its Biometrics Products for Payments and Digital Identities
      My Identity Pay Launch its Biometrics Products for Payments and Digital Identities
      21 hours ago 0
      68
    • GT Bank Comes Under Fire Over Excessive SMS and “SMS Alert VAT” Charges
      GT Bank Comes Under Fire Over Excessive SMS and “SMS Alert VAT” Charges
      22 hours ago 0
      144
    • Twitter Intensifies Fight Against Misinformation with Birdwatch Fact-checking Program
      Twitter Intensifies Fight Against Misinformation with Birdwatch Fact-checking Program
      1 day ago 0
      33
    • Despite its Exclusivity Clubhouse is a Fun Place to be, Here’s how to Join the Conversation
      Despite its Exclusivity Clubhouse is a Fun Place to be, Here’s how to Join the Conversation
      1 day ago 0
      52
    • How to Buy Bitcoin Without ID Verification in Nigeria
      How to Buy Bitcoin Without ID Verification in Nigeria
      2 days ago 0
      90
    • As Broadband Penetration Hits 45% in 2020, Could Nigeria Still Achieve 65% Target by 2024?
      As Broadband Penetration Hits 45% in 2020, Could Nigeria Still Achieve 65% Target by 2024?
      2 days ago 0
      66
    • Cybersafe Foundation, UK Govt Help Vulnerable Groups, SMEs Upskill on Cybersecurity
      Cybersafe Foundation, UK Govt Help Vulnerable Groups, SMEs Upskill on Cybersecurity
      2 days ago 0
      65
  • Features
    • Sell it or Repurpose it, Here are 5 Things You Could do With your Old Gadgets and Devices
      Sell it or Repurpose it, Here are 5 Things You Could do With your Old Gadgets and Devices
      6 days ago 0
      150
    • 5 Tips to Make Your Business More Popular on Social Media
      5 Tips to Make Your Business More Popular on Social Media
      2 weeks ago 0
      259
    • Analysts Forecast Bitcoin to Hit $100k in 2021, But is This Really a Good Time to Start Buying?
      Analysts Forecast Bitcoin to Hit $100k in 2021, But is This Really a Good Time to Start Buying?
      2 weeks ago 0
      424
    • Top 5 Most In-Demand Tech Jobs for 2021 — and Skills Required for them
      Top 5 Most In-Demand Tech Jobs for 2021 — and Skills Required for them
      3 weeks ago 0
      480
    • Financial Strategies for Surviving 2021 with Ayo Akinmade, Vice Chairman, Regus
      Financial Strategies for Surviving 2021 with Ayo Akinmade, Vice Chairman, Regus
      3 weeks ago 0
      447
    • ‘Expect Aggressive Expansion in 2021’- PlentyWaka’s Johnny Enagwolor on Surviving 2020 and What the Future Holds
      ‘Expect Aggressive Expansion in 2021’- PlentyWaka’s Johnny Enagwolor on Surviving 2020 and What the Future Holds
      4 weeks ago 0
      493
    • After a Poor 2020, Here are the Top Cinema Trends to Watch Out for in 2021
      After a Poor 2020, Here are the Top Cinema Trends to Watch Out for in 2021
      4 weeks ago 0
      441
  • Reviews
    • Startup Review: How Selar Helps Creatives Sell Digital Products and Make Money Online
      Startup Review: How Selar Helps Creatives Sell Digital Products and Make Money Online
      18 hours ago 0
      42
    • Twitter Intensifies Fight Against Misinformation with Birdwatch Fact-checking Program
      Twitter Intensifies Fight Against Misinformation with Birdwatch Fact-checking Program
      1 day ago 0
      33
    • Despite its Exclusivity Clubhouse is a Fun Place to be, Here’s how to Join the Conversation
      Despite its Exclusivity Clubhouse is a Fun Place to be, Here’s how to Join the Conversation
      1 day ago 0
      52
    • Tech Events this Week: StartupBlink Ecosystem Summit, 2021 Commodities Outlook and Others
      Tech Events this Week: StartupBlink Ecosystem Summit, 2021 Commodities Outlook and Others
      2 days ago 0
      77
    • Global Tech Roundup: President Biden Reverses Nigeria’s Travel Ban
      Global Tech Roundup: President Biden Reverses Nigeria’s Travel Ban
      5 days ago 0
      138
    • Movie Review: ‘Outside the Wire’ is an Explosive Action Thriller Showing the Dangers of Sentient AI
      Movie Review: ‘Outside the Wire’ is an Explosive Action Thriller Showing the Dangers of Sentient AI
      6 days ago 0
      165
    • You Can’t Get Your NIN Slip Through the NIMC App but Here are 3 Things You Can Do With it
      You Can’t Get Your NIN Slip Through the NIMC App but Here are 3 Things You Can Do With it
      7 days ago 0
      239
  • Women in Tech
  • Videos
  • Contact Us
Go to...

    Nigeria Might Have Lost a Golden Opportunity at Financial Inclusion with the HUP Disbursement

    Oluwadamilare AkinpeluOluwadamilare Akinpelu
    10 months ago
    Nigeria Might Have Lost a Golden Opportunity at Financial Inclusion with the HUP Disbursement

    Recently, the government began the disbursement of palliatives in the model of a conditional cash transfer to the poor and vulnerable across the country. Acting based on the national register of the poor and vulnerable provided by the National Social Safety Nets Coordinating Office (NASSCO), the Household Uplifting Programme (HUP) has been disbursing a sum of 20,000 cash to beneficiaries.

    According to reports, the scheme has impacted over 2.6 million households (11 million individuals) across the country. This sounds like good news, especially when you consider that many Nigerians in the informal economy are being affected heavily by the whole COVID-19 pandemic.

    President @MBuhari is firmly committed to extending palliatives to more vulnerable populations dealing with the effects of #COVID19. We remain committed to delivering on this.#LockdownExtended pic.twitter.com/LcgFKyCV4h

    — NASSCO Nigeria (@NasscoNigeria) April 13, 2020

    But an aspect of the whole scheme is bothering, which is as to why cash disbursement was employed instead of bank accounts.

    According to the Household Uplifting Programme’s response to an enquiry on Twitter, the disbursement is being done with cash because the beneficiaries do not have bank accounts.

    We are giving cash for now because the beneficiaries do not have bank accounts or banking facilities around their neighbourhood.
    The only way their benefits can reach them is only by payment at their ward level.
    We are making plans towards ensuring they open bank accounts.

    — Household Uplifting Programme (HUP) (@HUPcct) April 8, 2020

    If that is the case, is the disbursement not a missed chance to ensure that these unbanked get banked?

    The Growth of Financial Inclusion in Nigeria has been Slow

    Financial inclusion has been a major challenge especially in Nigeria and Africa as a whole. In 2012, the first National Financial Inclusion Strategy (NFIS) was launched. The document set a target of 80% financial inclusion for the adult population by 2020. However, to date, there has been little or no improvement.

    With a population of over 200 million, reports indicate that Nigeria still has as much as 40% (about 74 million people) of its adult population financially excluded.

    Four Charts Assessing Financial Inclusion in Nigeria - Stears Business, Did Nigeria Lose an Opportunity at Financial Inclusion with the HUP Disbursement?

    At that figure, if the apex bank is to meet its set target, it has to include 20% of the unbanked population (about 40 million) before the year ends.

    This has seen the CBN admit that it is very unlikely to meet its target of 80% financial inclusion in 2020 following the slow growth rate of onboarding the unbanked since 2012.

    This is despite the regulator loosening its policies to accommodate new players in the financial services industry, onboarding PSBs and their agents into the market in order to increase the reach of financial services.

    An Opportunity to Increase Financial Inclusion?

    One of the major issues that have stunted the growth of financial inclusion across the country is infrastructural deficiencies. Many Nigerians are not within areas where financial services providers like commercial banks are available.

    Also, majority of the population work in the cash-based informal sector and see no need for a formal financial service as well as lack financial literacy and requirements for opening a full-service account.

    The HUP disbursement, however, presented an opportunity for these unbanked population to be banked. In order to pull these people from the cash-based sector, unique formal financial services could have been provided to them to match their typical transaction sizes.

    Image
    Disbursement of Funds by HUP in Nigeria.

    Reduced requirements for account registration and financial literacy programs could also have been employed. With the spread of mobile money agents across the country, many beneficiaries would just need to walk into an agent shop close by to get their money in areas with no close proximity to commercial banks.

    While HUP says it is currently working with stakeholders to onboard its unbanked beneficiaries, for a programme that has been running for 4 years, that’s quite a slow pace at implementing it. Why this is so, we might not know. But one thing is, the programme provides an opportunity for the government to bank over 11 million individuals.


    If you’d like to get featured on our Entrepreneur Spotlight, click here to share your startup story with us.


    SUBSCRIBE

    Get latest Technology news, reviews, business-related content with a deliberate emphasis on the African narrative and insightful analysis in Nigeria – straight to your inbox.


    Comments

    Share :
    • Facebook
    • Twitter
    • Google+
    • Pinterest
    • Linkedin
    • Email
    Oluwadamilare Akinpelu

    Oluwadamilare Akinpelu

    Oluwadamilare Akinpelu is a lover of the Tech World. He is a calm person and also a protean writer.

    How Fintech Startup, ExtraMile Africa is Staying Relevant in the Midst of a Lockdown
    Next article
    How Fintech Startup, ExtraMile Africa is Staying Relevant in the Midst of a Lockdown
    Lockdown is Driving the Use of Mobile and Electronic Banking as NIBSS Report Shows Increase in Transactions
    Previous article
    Lockdown is Driving the Use of Mobile and Electronic Banking as NIBSS Report Shows Increase in Transactions

    Related Posts

    • Stories 1 hour ago

      WhatsApp Gives Itself More Personalised Audience with its Debut on WhatsApp Status

      WhatsApp Gives Itself More Personalised Audience with its Debut on WhatsApp Status
      Reviews, Stories 18 hours ago

      Startup Review: How Selar Helps Creatives Sell Digital Products and Make Money Online

      Startup Review: How Selar Helps Creatives Sell Digital Products and Make Money Online
      Stories 21 hours ago

      My Identity Pay Launch its Biometrics Products for Payments and Digital Identities

      My Identity Pay Launch its Biometrics Products for Payments and Digital Identities
    • Stories 22 hours ago

      GT Bank Comes Under Fire Over Excessive SMS and "SMS Alert VAT" Charges

      GT Bank Comes Under Fire Over Excessive SMS and “SMS Alert VAT” Charges
      Reviews, Stories 1 day ago

      Twitter Intensifies Fight Against Misinformation with Birdwatch Fact-checking Program

      Twitter Intensifies Fight Against Misinformation with Birdwatch Fact-checking Program
      Reviews, Stories 1 day ago

      Despite its Exclusivity Clubhouse is a Fun Place to be, Here's how to Join the Conversation

      Despite its Exclusivity Clubhouse is a Fun Place to be, Here’s how to Join the Conversation

    Bitcoin Recent Prices

    Brandest

    Sign up for Newsletters

    Popular News

    • MTN Nigeria to Commence Commercial Deployment of 5G Technology before 2020
      MTN Nigeria to Commence Commercial Deployment of 5G Technology before 2020
      July 30, 2018 0
    • From Utility Payment to Splitting Bills, GoMoney Wants to Help You Take Charge of Your Cash Flow
      From Utility Payment to Splitting Bills, GoMoney Wants to Help You Take Charge of Your Cash Flow
      6 months ago 0
    • After Months of Uncertainty, Teleology Holdings Finally Takes over the Reins at 9mobile
      After Months of Uncertainty, Teleology Holdings Finally Takes over the Reins at 9mobile
      November 13, 2018 0
    • Kaduna Begins Televised Tutoring for SSS3 Students Preparing for WASSCE
      Kaduna Begins Televised Tutoring for SSS3 Students Preparing for WASSCE
      10 months ago 0
    • Meet ‘Howash’, Cameroonian Startup that Offers Portable Car Wash Service in Minutes
      Meet 'Howash', Cameroonian Startup that Offers Portable Car Wash Service in Minutes
      September 21, 2017 0

    Follow Us

    Latest Tweets

    • technextdotng New post: WhatsApp Gives Itself More Personalised Audience with its Debut on WhatsApp Status https://t.co/ffZYXDbqPA
      about 28 minutes ago
    • technextdotng Android users will have to wait a while to get on the app but if you are an iOS user and you find yourself getting… https://t.co/3Jz4Dm3Gwp
      about 38 minutes ago
    • technextdotng RT @CompumatrixUS: The latest Bitshares Magazine! https://t.co/uePVCoyK5b Thanks to @mkp513 @technextdotng @GKurlandski #leadership #leader…
      about 16 hours ago
    • technextdotng The new norm of online shopping has seen more business and entrepreneurs move online, so just posting your products… https://t.co/YOej1g1Bb9
      about 16 hours ago

    Instagram

    technextdotng

    Technext.ng is the go-to site for news, reviews and insightful analysis in the Nigerian tech space.
    http://ow.ly/ayTM30mSlGS

    Clubhouse, a new type of networking app has recrea Clubhouse, a new type of networking app has recreated the spontaneity of conversations online. The app uses an audio-based social network where people can spontaneously jump into voice chat rooms and talk about stuff together.

Clubhouse is “24/7 virtual panel” where you can jump in and even participate in the live audio rooms of friends, teammates, industry professionals and even celebrities like Kevin Hart, Oprah and Drake.

Read how to join in the fun at technext.ng
..
.
.
.
.
.
#Clubhouse #Apple #Ios #Iphone #Android #MobileApp #App #Mobile #Club #Gists
    Broadband penetration in Nigeria reached 45.07% in Broadband penetration in Nigeria reached 45.07% in November 2020, with 208 million active telephony subscriptions while active internet subscriptions hit 154.9 million. This is according to Prof Umar Danbatta, the Executive Vice Chairman of the Nigerian Communications Commission (NCC).

In the last five years, 3G and 4G base transceiver stations (BTS) in Nigeria have increased by 78% from 30,000 to 53,460 while 14,725km fibre optic transmission cables have been added to the pre-existing 47,000km, according to Danbatta.

#GSMA #Mobile #Internet #Africa #Data #internetconnection #internet #broadband #network #Africa #4G #5G #Technology #techstories #ICT #Nigeria #internet #Technology #connectivity #datacenter #traffic #technews #content #online #broadband #internet #industry #stats #statistics #rate
    Beware, Askamaya thugs are on the loose again! In Beware, Askamaya thugs are on the loose again! In December, Funke Akindele returned back on the big screens with Omo Ghetto: The Saga, a comedy film featuring some of the biggest names in the industry like Chioma Akpotha, Eniola Badmus.

Set in a parallel Lagos, the film centres around Funke in a dual role as Ayomide and Lefty – twin sisters who grew up in separate areas of the state. While Ayomide was raised in affluence within an estate, Lefty was raised in Askamaya ghetto before she moved to join her mother in a high-class estate.

Currently, the movie is the highest grossing Nollywood movie ever at N453 million.

Haven't watched yet? Read the full movie review on Technext.ng
#Nollywood #Nolllywoodmovies #nollywoodactress #Movies #Cinemas Nollywoodmovie #nollywoodactor #Review #Nigeria
    With the realization of one’s own potential and With the realization of one’s own potential and self-confidence in one’s ability, one can build a better world.
#TechNext #MondayMotivation
    72.8% of our voters opt to give out their old devi 72.8% of our voters opt to give out their old devices or go with the flow of things.

What do you do?
#Smartphone #gadget #Polls
    Top App Downloads in Africa (2020) 1. Egypt - 2.3 Top App Downloads in Africa (2020)
1. Egypt - 2.3 billion
2. S/Africa - 680 million
3. Nigeria - 640 million

Read more at technext.ng
#Payments #Africa #Fintech #Finance #Innovation #Technology #Nigeria #SouthAfrica #Egypt #Consumer #Kenya #Report #Gaming #Gamers
    Load More... Follow on Instagram

    Random News

    • Dear Budding Entrepreneur, Here are Startup Pitch Contests Open for you
      Dear Budding Entrepreneur, Here are Startup Pitch Contests Open for you
      August 7, 2018 0

      2018 has been a blast of a year for Nigerian tech startups; entrepreneurs have enjoyed an extensive range of pitch ...

      Read More
    Copyright 2020 technext.ng | Privacy Policy | Media Policy