Find the Value in Rural Banking in Nigeria
With less than 10,000 bank branches and about 20,000 ATM machines, of which more than 50% are in Lagos, the financial system infrastructures remain inadequate to serve 200 million Nigerian people. U.S., with population of 327 million has 80,000 bank branches and 500,000 ATM machines.
While U.S. number of bank branches has been dropping as digitization takes place, Nigeria still needs touch points to offer service to customers. There are still huge opportunities in the financial services sector in Nigeria. But you must hit rural areas, and find the right cost model to support your operations. Too bad, serving not-rich-people is always hard!
The biggest innovation in Nigerian banking and broad financial services must happen in the rural areas if we expect the sector to add more value in our economy.
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