Nigeria—Fostering Financial Inclusion through Digital Financial Services: Nigeria

Financial inclusion in Nigeria has had undeniable successes, with the onboarding of residents to the banking sector consistently progressing. But the overall exclusion rates continue to exceed official targets, not least due to low financial literacy.
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Volume/Issue: Volume 2023 Issue 020
Publication date: March 2023
ISBN: 9798400237195
$15.00
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Finance , Money and Monetary Policy , International - Economics , Central Bank Digital Currency , digital financial services , financial inclusion , financial literacy , mobile money , Nigeria's CBDC , exclusion rate , account ownership , bank account , money transfer , Mobile banking , Fintech , Sub-Saharan Africa , Africa

Summary

Financial inclusion in Nigeria has had undeniable successes, with the onboarding of residents to the banking sector consistently progressing. But the overall exclusion rates continue to exceed official targets, not least due to low financial literacy. Going forward, Nigeria’s financial inclusion strategy should more systematically leverage rapidly developing digital instruments. Uptake of digital financial services, notably mobile money, is still lower than in peer countries, and overcoming this would require improving digital financial literacy, upgrading digital infrastructure, and promoting incubation and sound practices of fintech firms. Nigeria’s CBDC also has an enabling potential if accompanied by a comprehensive package of supportive policies.