February 2020, Lagos. In a packed room, the attendees—mostly young professionals—murmur as they cluster together, a picture that seems impossible in these days of social distancing. With no mask or face shield in sight, all eyes fixed on the day’s keynote speaker.
“In financial services, who will win the turf war: banks, telcos or the fintechs?” As the question settles, Segun Agbaje scans the room with interest as he had done uncountable times since he ascended to become the Managing Director of GTBank, widely considered Nigeria’s most cutting-edge traditional bank.
“Your answer will depend on what side you are on.”
For neutrals, telecommunication companies (telcos) look the safest bet in Nigeria. Can a telco-led approach help Nigeria attain widespread financial inclusion?
Capitalism without capital is just an ism
A bank account helps you store your money. It also acts as a gateway for you to access other financial services like loans and digital payments. At the very