The mission to get the majority of Nigerians financially included has been a long battle. With no end in sight, the country’s population has contributed significantly as it continues to exponentially explode year-on-year, IgbereTV reports
Far ahead of Ethiopia and Egypt, Nigeria has the largest population in Africa, with the United Nations projecting that the overall population of Nigeria will reach about 401.31 million by the end of the year 2050 to surpass the population of the United States which is currently over 332 million.
In 2020, Nigeria could not meet its target of 80% financial inclusion ambition, as it struggled to reach only 64% of Nigerian adults, leaving a staggering 36% of Nigerian adults (or 38 million adults) completely financially excluded.
Fintech to the rescue
While traditional banking methods—by branch or ATM—have been slow in yielding results, the last decade has, however, seen digital financial services and agent banking alternatives accelerate the world’s drive toward financial inclusion, particularly for excluded groups such as women, rural and Northern Nigerians.
Stellas Digital Bank, a recently launched virtual bank, joined the industry with its novel technology and new array of financial offerings to lead the drive towards financial inclusion in Nigeria as well as provide global standard financial services.
Cornerstone
Fully licensed by the CBN, with deposits insured by the Nigeria Deposit Insurance Corporation, NDIC; Stellas is a wholly indigenous bank incorporated to provide global standard financial services to discerning customers across 36 states of Nigeria.
Armed with an in-depth understanding of the Nigerian digital payment landscape, trends shaping it, and major obstacles, cofounders Emmanuel Ajaere and Uche Ajaere set out to change the narrative.
Having built its operations on insights derived after extensively researching the industry and intensively investing in advanced financial technology, the bank is growing its customer base through offering improved services to entrepreneurs and non-entrepreneurs seeking innovation and class.
For Stellas, banking services which often seem rigorous in Nigeria can be improved to offer customers ease.
“Stellas is a digital challenger bank founded on the premise that essential banking services should be smooth, flexible and ultimately lead to wealth and prosperity. We want to equip you with simple and functional banking services that work on the move; from the way you save your money to the way you send it, spend and invest with it,” the bank’s Who-Are-We statement reads.
With a Stellas account, both android and apple users can get a “front-row access to hassle-free banking” so they could spend, save, pay bills and stay updated with speed through their device and on the go
