Selected Issues Papers

Nigeria—Fostering Financial Inclusion through Digital Financial Services: Nigeria

Author/Editor:

Torsten Wezel ; Jack J Ree

Publication Date:

March 6, 2023

Electronic Access:

Free Download. Use the free Adobe Acrobat Reader to view this PDF file

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.

Series:

Selected Issues Paper No. 2023/020

Subject:

Financial markets Financial services International organization Monetary policy Technology

Frequency:

Regular