Wakanow at the Bridging Futures: 2024 Africa Roundtable

At Wakanow, we believe that businesses have a responsibility to create solutions that drive positive social change. As a donor partner of the UNHCR in the thematic area of Livelihood and Economic Inclusion, we were proud to join the Bridging Futures: 2024 Africa Roundtable on Private Sector Solutions to Internal Displacement.

The roundtable convened thought leaders, private sector champions, and policymakers to discuss actionable strategies for addressing the challenges faced by internally displaced persons (IDPs) across Africa.

Representing Wakanow on the first day was a strong team led by Gbenga Onitilo, Vice President B2B, along with Shola Ipinmoroti, Vice President Commercial, Olamide Odusolu, Vice President Marketing, and Tobi Kolawole, Group Manager Corporate Communications.

During the roundtable discussion on financial inclusion, the Wakanow team actively engaged with participants and panelists, including a representative from the Central Bank of Nigeria (CBN). Gbenga Onitilo posed a critical question that set the tone for the discussion:

“How can we effectively reduce the barriers to financial inclusion for internally displaced persons by leveraging telecommunications companies (Telcos), similar to how Safaricom has expanded financial access in Kenya?”

Drawing comparisons to Kenya, where platforms like M-Pesa enable even university students to access loans and financing, Wakanow brought attention to the stark disparity in Nigeria, where only 15% of IDPs have access to a Bank Verification Number (BVN). This gap not only limits financial access but also prevents IDPs from rebuilding their lives.

The Wakanow team posed debatable but practical, scalable possible solutions, including:

• Leveraging Telco infrastructure to create mobile financial services tailored for IDPs.
• Advocating for regulatory reforms from bodies like the Nigerian Communications Commission (NCC) and CBN to ease Know Your Customer (KYC) requirements for IDPs.
• Encouraging partnerships with financial institutions like Sterling Bank to replicate successful models and expand outreach beyond the 5,000 IDPs already supported.

Wakanow also shared its Affiliate Entrepreneurship Program, which has trained and empowered over 20,000 youths and women by lowering barriers to registration and enabling them to sell travel products and services.

This initiative has demonstrated the power of creating financially inclusive ecosystems that foster independence and sustainability.

As a forward thinking organization and a responsible brand, Wakanow is committed to scaling such models to underserved populations, including IDPs. By fostering public-private partnerships and championing innovation, we aim to empower communities across Africa and build pathways for sustainable development.

The Bridging Futures Roundtable was not just a platform for dialogue but an opportunity to showcase Wakanow’s unwavering dedication to empowering lives and reshaping communities. Together, we can reimagine the future of financial inclusion and create lasting impact.