Nigeria—Fostering Financial Inclusion through Digital Financial Services: Nigeria

March 6, 2023

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Format: Chicago

Torsten Wezel, and Jack J Ree. Nigeria—Fostering Financial Inclusion through Digital Financial Services: Nigeria, (USA: International Monetary Fund, 2023) accessed December 21, 2024

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.

Subject: Financial markets, Financial services, International organization, Monetary policy, Technology

Keywords: Account ownership, Africa, Bank account, Central Bank Digital Currency, Digital financial services, Exclusion rate, Financial inclusion, Financial literacy, Fintech, Mobile banking, Mobile money, Money transfer, Nigeria's CBDC, Sub-Saharan Africa

Publication Details

Pages:

19
Volume:

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DOI:

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Issue:

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Series:

Selected Issues Paper No. 2023/020
Stock No:

SIPEA2023020
ISBN:

9798400237195
ISSN:

2958-7875

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