Inclusive Financial Systems Essential for Nigeria's Growth

On [date not specified], Professor Wilfr N. J.

Ugwuanyi delivered the 39th inaugural lecture at the National Open University of Nigeria (NOUN) in Abuja, titled "Technological Innovation and Financial Institutions: Implications for Economic Development Amidst Cultural Diversity in Nigeria." He argued that Nigeria cannot achieve sustainable economic growth without a functional inclusive cultural and financial system. Ugwuanyi traced the evolution of payment systems from barter to modern digital platforms, highlighting the inefficiencies of barter and the influence of colonial economic systems.

He identified electronic fund transfer systems and digital banking applications as transformative tools for improving transaction speed and access. However, he cautioned that benefits are unevenly distributed due to inadequate infrastructure, limited internet penetration in rural areas, cybersecurity concerns, and widespread digital illiteracy.

Ugwuanyi noted a trust deficit among Nigerians towards formal digital financial systems due to past experiences. He advocated for targeted financial literacy programs to reflect Nigeria's linguistic and cultural diversity.

Vice Chancellor Prof. Uduma Oji Uduma described the inaugural lecture as a platform for intellectual engagement.