Omilola Oshikoya International has launched the Tech World of Finance, www.wofin.org – the first of its kind online financial education platform in the world. The event took place at the Africa Fintech Foundry, Victoria Island, Lagos recently.
Speaking at the launch, founder of The Tech World of Finance and Africa’s Wealth Connoisseur, Omilola Oshikoya, explained that the Tech World of Finance platform is focused on reducing the financial inclusion gap, the financial literacy gap and the unemployment rate in Nigeria and Africa thereby reducing poverty and creating wealth.
She also said the goal is to be the go-to online financial education platform for millennial, where they can become financially literate in the simplest and most affordable way. “Our vision is to be the World of Finance.”
Oshikoya stated that according to OXFAM, major reason Nigeria still has a low financial inclusion gap of 40.1 per cent compared to 11per cent in South Africa, increasing unemployment rate of 23.1per cent in July 2018 from 18.8per cent in July 2017 & 69per cent of Nigerians living below the poverty line in 2019, is because of a lack of financial literacy. “A major problem which financial institutions face is the fact that new digital technologies are changing the value proposition of financial products & services in the financial services industry. The innovation of traditional financial products by FinTech is changing customers’ expectations and creates opportunities in under-served markets, and the sector most affected by this is retail banking. According to the Nigeria FinTech survey 2017 by PWC, banks rank loss of market share and increased pressure on margins as the biggest FinTech threats.”
She also explained that to foster economic development, the focus should be on the youths given the demography of Nigeria, with a youthful population. “Therefore, due to the inclination of millennial for technology, speed and convenience, innovative strategies need to be adopted to educate them in the most affordable way.