The President of the Digital Frontiers Alumni Association’s Journey of Growth, Leadership and Impact

In the height of the COVID-19 pandemic I received a call from a young person that had been affected by the financial knock of the lockdowns in Nigeria. Apart from emergency intervention, I suggested applying for the COVID-19 Targeted Credit Facility (TCF) which was the Central Bank of Nigeria’s palliative fund designed to cushion the effect of the pandemic. This unfortunate encounter had a tremendous effect on me and developed my passion for impact through financial inclusion.  

Unfortunately, this young person had no business functional bank account, nor a cash flow statement, so they could not access the TCF intervention. However, they made daily savings with informal savings operators who were not structured to give out loans. I soon realised that this individual’s plight was representative of the struggles faced by millions of small business owners operating in the informal sector. To address this gap, I spearheaded the development of “Digital Asusu,” a self-help fintech solution that aimed to digitise daily savings in the informal sector. When low-income earners like the young person save on “Digital Asusu” through mobile agents in their locality, they can build up capital and utilise cross-guarantees to access credit up to five times their savings.  

 

How My Involvement in the Community of Practice (CoPs) Has Shaped My Growth and Impacted the Digital Finance Ecosystem 

This experience fuelled my desire to deepen my understanding of digital finance, leading me to enrol in the Certificate in Digital Money (CIDM) programme at Digital Frontiers Institute (DFI). This was my first step into the world of digital finance, and I eagerly absorbed the knowledge that would allow me to enhance and scale Digital Asusu. Sharing my project with my cohort and faculty helped draw parallels between challenges in Nigeria and those in other countries, fostering a rich exchange of ideas. 

Upon graduation from CIDM, I joined the global community of Digital Frontiers Institute Alumni and since I have also played a key role in establishing up a community of practice (CoP) of digital finance professionals in Nigeria, as well as serving on the committee that secured its registration as an incorporated trustee. 

Today, I am excited that the CoP for digital finance practitioners I helped set up is advancing financial inclusion in Nigeria. For instance, we wrote a communique titled “Nigeria Needs to Fix Her National Identity to Compete in a Digital Economy – December 2019.” This document addressed Nigeria’s identity crisis, which was hindering the adoption of digital finance, and highlighted the critical role of digital identity in achieving financial inclusion and fostering economic growth. The communique provided a detailed analysis of the National Identity Number (NIN) and recommended the harmonisation of identity efforts. It was presented to the National Identity Management Commission (NIMC) during an advocacy visit, where we pushed for solutions to the digitisation barriers faced by many individuals.  

 

Experience as a Digital Frontiers Institute (DFI) student and journey to an active participant and leader in the CoP  

My journey with Digital Frontiers Institute has been transformative, both professionally and personally. As a student of CIDM, I was challenged to deepen my understanding of money and its impact on society. The rigorous coursework and engaging online discussions offered me diverse perspectives from my cohort, enriching my learning experience. The supportive staff, including the admissions team and academic advisors, made my journey smooth and fulfilling.  

Two years after completing CIDM, I accepted a scholarship to complete a certificate course on Inclusive Digital Economic Development (iDED) through DFI. This online course gave me the foundational knowledge of the digital economy with a focus on how the development of this sector can be increasingly inclusive.  

 

Motivation to Run for President: My Vision and Plans for the DFIAA 

In Nigeria, the adoption of digital financial services has seen rapid growth, as evidenced by the Nigeria Inter-Bank Settlement Systems (NIBSS) report, which shows that mobile payments surged from ₦3 trillion in 2012 to ₦600 trillion in 2023. Despite this progress, challenges similar to those the young person I received the call from faced still persist. According to EFInA, 36.6% of adults—about 59 million people—remain excluded from the formal financial system, with 78% of this group being women and young people who lack documentation due to various physical, cultural, and social barriers. Yet, amidst these challenges, there is a beacon of hope. A study by PwC in 2020 revealed that 78% of women are eager to learn new technologies, and 31% are interested in mobile money, signalling a path to greater financial inclusion.  

This hope, coupled with the renewed focus on economic diversification under President Bola Ahmed Tinubu’s (16th and current president of Nigeria since 2023) administration, which emphasises digitisation and innovation, inspired me to run for President of the DFIAA. The digital economy, contributing 16.6% to Nigeria’s GDP in Q4 2023 and projected to generate ₦18.3 billion by 2026, underscores the importance of this sector in driving economic transformation. Moreover, Nigeria’s position as one of the top two destinations for tech start-up investments in Africa, with US$2 billion in foreign direct investment (FDI) recorded last year, further motivates me to lead efforts in advocating for financial and economic inclusion.  

These realities are the motivating factors that drive me to provide leadership in advocating for financial and economic inclusion policies for more Nigerians. I envision an inclusive and equitable digital economy where all individuals, regardless of background, are empowered through innovative financial solutions and digital transformation. To achieve my vision, I am committed to leveraging the collective expertise of the DFIAA to advocate for policies, practices, and innovations that drive digital economic diversification and financial inclusion.  

My plan for advocating inclusive digital financial policies is centred around ensuring that all digital financial policies are inclusive and equitable. This will advocate for inclusive digital financial policies by organising dialogues and forums with key stakeholders, including government officials, regulators and private sector leaders. These discussions will shape the development of policy briefs and position papers that emphasise the advantages of inclusive digital finance and propose specific actions.  

Through collaboration and partnerships, we hope to strengthen and amplify the impact of these efforts. This includes forging strategic alliances with government agencies, financial institutions, tech companies, and development organisations to align local policies with global best practices. The plan also involves actively participating in national and international digital finance forums to exchange knowledge and experiences, including engaging with community-based organisations to ensure advocacy efforts are inclusive and reflective of diverse perspectives. 

Promoting financial literacy and digital skills among underserved populations will be achieved by launching financial literacy campaigns through digital platforms to educate on digital finance, savings, and investments. Collaborations with educational institutions and NGOs will integrate digital financial literacy into their programs, particularly targeting youth and women. Additionally, educational materials such as online courses, webinars, and fliers will be developed and distributed to enhance digital finance skills among the target populations. 

As an active member of the DFIAA, I have been entrusted with various leadership roles, including chairing the committee on National Identity Research, where I led the drafting of our first communique on digital identity and financial inclusion. My involvement in the CoP has allowed me to build valuable relationships with professionals across the financial sector, supporting my career growth. 

 

How the DFIAA Operates, Supports Members, and Some Key Milestones. 

The DFIAA is governed by a board of trustees and operationalised by a team of executives elected by the general members for a three-year term.  Members meet quarterly to conduct business of the association. During these meetings, there are presentations on topical issues, discussions of trending issues in the sector, and networking to learn more about the industry and find more opportunities. Members also plan for programmes and take stock of progress on ongoing projects.  

Additionally, the association supports member’s career development by sharing job opportunities and other important information on its platforms. The association organises an end-of-year party for members to unwind with family and friends, which provides the opportunity to connect and recharge for the new year.  

After a tedious and lengthy process, the DFIAA in Abuja was finally registered in 2023 by the Corporate Affairs Commission of Nigeria as an Incorporated Trustee. This milestone positions the association to institutionalise its administrative processes and serve members more effectively. More importantly, it gives the DFIAA the credibility to step out into the community and pursue its mandate of promoting financial inclusion.  

 

Conclusion 

My journey with the Digital Frontiers Institute and the broader digital finance community has been one of growth, leadership, and vision. As President of the DFIAA Abuja Jurisdiction, I am committed to advocating for an inclusive and equitable digital economy, leveraging the collective expertise of our community to drive meaningful change in Nigeria and beyond. Together, we can positively impact the digital finance ecosystem, ensuring that no one is left behind in the digital revolution. 

 

By Terhemen Johnpaul Kpenkaan
Programmes Director at System Strategy and Policy Lab
DFI Alumni and President of DFIAA (Abuja Jurisdiction)