Selected Issues Papers

Nigeria—Fostering Financial Inclusion through Digital Financial Services: Nigeria

By Torsten Wezel, Jack J Ree

March 6, 2023

Download PDF Order a Print Copy

Preview Citation

Format: Chicago

Torsten Wezel, and Jack J Ree. Nigeria—Fostering Financial Inclusion through Digital Financial Services: Nigeria, (USA: International Monetary Fund, 2023) accessed October 10, 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:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Selected Issues Paper No. 2023/020

  • Stock No:

    SIPEA2023020

  • ISBN:

    9798400237195

  • ISSN:

    2958-7875