28th February, 2018
Discussants at the 2018 Social Media Week Lagos on Wednesday called for facilitation of financial inclusion through lending to the excluded based on their social reputation scores.
They described social reputation scores as vast information got from online, mobile, social media and other external data sources.
They discussed the topic:”Financial Inclusion Leveraging on Social Reputation”.
Mr Bade Adesemowo, Deputy Group Head, BINCOM ICT Solutions, said that a large percent of Nigerians were unbanked and regarded as unmeasurable.
According to him, the social reputation which existed in the olden days and fine-tuned with technology should be used to lend to the unbanked.
Adesemowo advised that the unbanked people who did not make use of social media could be captured with the aid of their phones.
“Social reputation is bringing back an ancient technology to solve a modern problem; it can serve as a form of collateral with financial institutions.
“People, who do not make use of the internet, make use of their phones to call or even send SMS; the information needed could be got from those.
“At a look at the data got, there will be something that is taken to form a social reputation for the persons.
“For those that are financially excluded, as long as they have a phone and make calls, the USSD is used to get the data needed,” he said.
Mr Mudiaga Ogboru, Product Manager, Social Lander, said that financial inclusion would require integration of the human, financial and social capital.
He said that social capital could be used to drive both financial and human capital because it had to do with interaction and networks.
“Social capital is a powerful framework for building a better community where everyone is included.
“”Things that make up the social capital which will aid inclusion are connection, authenticity, guarantors, cultural norms, networks and trust.
“These things, when broken down, will reveal if one is socially reputable,” he said.
Social Media Week Lagos, currently in its sixth edition, has the theme: ‘Closer’.
It began on Monday and will end on March 2.
The event is featuring discussions covering the future of media, travel and tourism, governance, gender inclusion and emerging ideas and trends across the globe.