Omilola unveils Tech World of Finance, says it’s financial education platform for millennials

Success Damian:

Omilola Oshikoya International has successfully held a press conference to officially launch The Tech World of Finance TM www.wofin.org, the first of its kind in online finance education platform in the world at Africa Fintech Foundry in Victoria Island recently.

The Tech World of FinanceTM is founded by Africa’s Wealth Connoisseur, Omilola Oshikoya and it is an online financial education platform focused on reducing the financial inclusion gap, the financial literacy gap & the unemployment rate in Nigeria and Africa, thereby reducing poverty and creating wealth.

The goal is to be the go-to online financial education platform for millennials where they can become financially literate in the simplest and most affordable way. Our vision is to be the World of Finance. 

According to the founder Omilola Oshikoya, a major reason why Nigeria still has a low financial inclusion gap of 40.1% compared to 11% in South Africa, increasing unemployment rate of 23.1% in July 2018 from 18.8% in July 2017 & 69% of Nigerians living below the poverty line in 2019 according to OXFAM, is because of a lack of financial literacy. 

Furthermore, she said a major problem financial institutions face is the fact that new digital technologies are changing the value proposition of financial products & services in the financial services industry. The innovation of traditional financial products by Fintech is changing customer expectations & also creating opportunities in undeserved markets and the sector most affected by this is retail banking. According to the Nigeria FinTech survey 2017 by PWC, banks rank loss of market share and increased pressure on margins as the biggest Fintech threats. 

According to her, to foster economic development the focus should be on the youths given the demography of Nigeria with a youthful population. Therefore, due to the inclination of millennials for technology, speed and convenience, innovative strategies need to be adopted to educate them in the most affordable way. 

Speaking about her platform The Tech World of FinanceTM, which she calls the uber of finance, millennials can become financially literate in a convenient and affordable way and have access to a bouquet of financial products to choose from. Furthermore, financial institutions and fintech companies will be able to create awareness for their financial products that target the retail market and up and coming personal finance coaches will have a platform to improve their skills and experienced finance professionals will be able to showcase their content and reach a global audience. 

Features on the platform include online courses such as the Wealth Creation online course, debt free online course, etc. For the wealth creation online course, we have partnered with 

PiggyVest and Access Bank Plc, where anyone who would like to access the course would have to first of all start their journey to financial freedom by opening a savings account with PiggyVest or Access Bank Plc with as little as N5,000. 

Joshua Chibueze, Co-founder of Piggyvest in his speech spoke on PiggyVest as a digital savings and investment platform where they help young people save and invest. In terms of the partnership he said “The Tech World of FinanceTM️ is very good at producing financial literacy contents, and Piggyvest is very good at building tech products, this covers the needs of the people who are not financially literate and also provides a platform to practice what they learn from the financial literacy contents”. 

Chinonye Udechukwu of Access Bank Plc said, “one of the aims of the bank is to provide financial services by making people aware of how to save, how to manage their finance and how to make their finance work for them.” She said the partnership will enable Access bank to reach more people, thereby closing the financial inclusion gap. Olufunmbi Coker of the Women banking team- the W Community of Access Bank Plc also said, “Access Bank is very passionate about encouraging people to save and going digital is the way forward.” 

Another online course on the platform is Understanding Financial Information for Non- Financial Professionals by the Association of International Certified Professional Accountants (“The Association”). Ijeoma Anadozie, the Associate Director (Nigeria) shared on the vision of the “The Association” which is to see people and businesses succeed through their qualifications and how this resonates with reducing poverty and creating wealth which is one of the goals of The Tech World of FinanceTM. She also spoke about their course on The Tech World of FinanceTM platform – Understanding Financial Information for Non-Financial Professionals, a 13-pack course with topics such as Understanding Profits, how to develop business plans, etc. 

Some of the contributors on the platform who were present at the event were Mrs. Sola Adesakin, Lead coach at Smart Stewards, Mrs. Omorinsola Ipaye, Founder of K.Parkwood Property Services Ltd, Mrs. Nnenna Ajegbo, business advisor, Mrs. Omobola Adekola, a legal practitioner, Mrs. Glory Edozien, founder of Inspired by Glory Academy and Omotayo Adeola. According to Nnenna Ajegbo, “we need to learn the difference between earning an income and creating a passive income.” “She commended the platform and the contributors in helping Nigeria get to the point where we won’t have to depend on foreign aid.” Sola Adesakin encouraged finance coaches and fintech platforms to come together to reach more people in the country. 

Also, present were special guests from financial institutions such as Stanbic IBTC Asset Management duly represented by Mrs. Abisola Ogunmoyero, Head Retail Sales, Mr. Ben Iwhiwhu, Retail Sales Manager, and FCMB represented by Mrs. Oluwaseyi Amao, Senior Product Advertising Officer.