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Financial inclusion, a panacea for economic growth – Experts

Speaking yesterday at the event,  Akin Ambode, CEO, Brandsmiths Consulting, said as more people become excluded financially, their chance of becoming successful business wise is…

Speaking yesterday at the event,  Akin Ambode, CEO, Brandsmiths Consulting, said as more people become excluded financially, their chance of becoming successful business wise is low.
He said the concept of financial inclusion is when an individual, household, or group has ability to access appropriate financial services or products in a particular community, adding that without this ability people are often referred to as financiallyexcluded.
Hajara Adeola, CEO, Lotus Capital, emphasized the importance of Islamic Finance products as key means of promoting financial inclusion.
She said Islamic Finance promotes economic growth through its developmental and social benefit and more equitable contracts as well as present an opportunity to harness the money held outside the financial system due to the avoidance of interest.
Adeola said it is a major factor required to bridge the access to finance gap in Nigeria.