Nigerian Capital Development Fund’s (NCDF) investment arm, NCDF Investment Management Plc, has announced the launch of Konto Financial Group Plc (KontoMoney), a groundbreaking initiative designed to tackle the slow pace of financial inclusion in Nigeria.
With about ₦4.3 trillion outside the banking system and approximately 40 million adult Nigerians excluded from formal financial services, KontoMoney aims to bridge this gap by providing innovative and accessible financial solutions.
In recent years, Nigeria has faced a growing challenge in achieving meaningful financial inclusion.
According to data from October 2024, over 94 percent of the total currency in circulation, valued at ₦4.29 trillion, remained outside the banking system.
This reflects a lack of trust in traditional financial institutions and highlights the urgent need for innovative solutions.
The Central Bank of Nigeria (CBN), in 2022, set an ambitious goal of 95 percent financial inclusion by 2024, introducing strategic policies to address these challenges, and
KontoMoney’s launch is a significant step toward realizing this vision.
KontoMoney is committed to transforming banking by offering affordable and accessible financial services tailored for underserved and unbanked populations.
By combining cutting-edge digital infrastructure with an extensive network of local agents, KontoMoney provides essential financial tools to low-income neighbourhoods and emerging markets.
“Our mission is clear: to empower communities by delivering financial tools that enable individuals and businesses to thrive,” said Hareter Babatunde Oralusi, Executive Chairman of Nigerian Capital Development Fund.
KontoMoney is also dedicated to creating employment opportunities and fostering economic growth.
By recruiting and training young professionals, KontoMoney empowers them to operate KontoMoney Points, localized banking hubs designed to bring financial services closer to rural and underserved areas.
Oralusi further stated that “Our Network Includes: 5,000 Agents Nationwide: Offering personalized, in-person banking services in rural and semi-urban areas.
Comprehensive Training Programmes: Providing hands-on skills and resources to support agents in serving their communities effectively. Ongoing Support: Dedicated technology desks and online resources ensure continuous guidance and support.
“KontoMoney represents a transformative solution to Nigeria’s financial inclusion challenges. With its innovative approach, the company is well-positioned to rebuild trust, reduce cash outside the banking system, and foster economic empowerment across the nation.
“KontoMoney invites stakeholders, partners, and communities to join its mission to redefine financial services in Nigeria and create a future where financial inclusion is not a privilege but a right for all”.
Founded by NCDF Investment Management Plc, KontoMoney is a financial services company dedicated to advancing financial inclusion and microinsurance in Nigeria.
With a focus on underserved populations, KontoMoney leverages digital technology and localized solutions to empower individuals and businesses, fostering economic growth and community development.
