FINANCIAL INCLUSION NECESSARY TO BOOST NIGERIA’S GDP —ECOBANK GROUP EXECUTIVE - Welcome to Soul 2 Soul Mates Blog

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2/05/2018

FINANCIAL INCLUSION NECESSARY TO BOOST NIGERIA’S GDP —ECOBANK GROUP EXECUTIVE

FINANCIAL INCLUSION NECESSARY TO BOOST NIGERIA’S GDP —ECOBANK GROUP EXECUTIVE
NIGERIA’s effort to attract more people into the financial system, under its financial inclusion goals, will help to boost its Gross Domestic Products (GDP) and provide   wealth making opportunities for more Nigerians. Ecobank Transnational Incorporation (ETI), Executive for Consumer Banking, Mr. Patrick Akinkutan made stated this at a breakfast meeting with premier banking customers of the bank in Lagos on Friday. He said: “If you look at wealth of nations, it is defined by the Gross Domestic Products (GDP). When you look at the various continents on the globe Africa has the largest unrecorded wealth in the balance sheet of nations today. That is because the average person, over one billion Africans that keep their cash in the pocket or somewhere under the mat; it is not reflected in the wealth of the nation. So when you talk of devaluation of currencies, you talk of bargaining for  global trade and economic terms, the real value of our continent, the real value of Nigeria, is not reflected in those statistics.

Therefore bringing and taking cash out of the system, monetising and recording in the financial system, the true value of Nigeria is critical for preserving wealth for Nigerians across.” Speaking on the Ecobank Group’s effort to facilitate financial inclusion across the continent, He said: “The Ecobank group is also launching agency banking across the network, where we are committed that by the year 2020, we will have 300,000 agents. Our approach is to make sure that within 100 meters of each adult African, you have the access to cash in your money, deposit your money. So that you wealth is recorded in the balance sheet of the country. And therefore we can negotiate better; we can become a much wealthier nation. It is in our interest in preservation of wealth that Nigeria is really a wealthy nation, and that the wealth is reflected in the lifestyle of every Nigerian.” Explaining the purpose of the meeting, Ecobank Nigeria, Executive Director, Consumer Banking, Mrs Carol Oyedeji,
  said: “With this session we tried as much as possible to enlighten our customers as to how they can focus on really preserving their wealth, and most importantly see their Relationship Manager in Ecobank as a one-stop shop, to give them access to types of investment as possible. When people are wealthy, they need to find a way to spread their wealth in different perspectives to help not just preserving but preventing shocks from attacking their wealth.”

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