## Banking On the Go

_IMF Blog, June 23, 2017_

## Source details

**Canonical URL:** [Banking On the Go](https://www.imf.org/en/blogs/articles/2017/06/23/banking-on-the-go)

## Other formats

- [Markdown version](/en/blogs/articles/2017/06/23/banking-on-the-go/index.md)
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## Bibliographic details
- Authors: The Editors
- Published: June 23, 2017

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### Overview
- Publication date: June 23, 2017
- Topic: Mobile banking and digital financial inclusion, focused on Paga, a Nigeria-based mobile payment platform founded in 2012.
- Key message: Paga is rapidly bringing millions of unbanked Nigerians into the banking fold and influencing national discussions on regulation, privacy, and financial data collection.

### Scale and access to financial services
- Worldwide, more than two billion people are without bank accounts.
- Only one in three adults in sub-Saharan Africa has access to any type of financial services.
- Paga reports having six million customers who are using its services to perform transactions on a daily basis.

### Impact on Nigeria’s economy and labor market
- Paga has risen to the center of economic activity in Nigeria since it started in 2012.
- The platform is helping to provide jobs and expand access to financial services, particularly among youth.

### Demographics and user behavior
- About 54 percent of Nigeria’s population are below the age of 33.
- Younger users are described as more comfortable online, while adults are more likely to prefer going to an agent for services.

### Data, privacy, and regulation
- Paga collects substantial financial data on its mobile platform.
- Key policy considerations highlighted:
  - The need to think about privacy and the correct handling of collected data.
  - Ensuring that regulation protects people.
  - Using data collection to inform improvements in banking regulations and privacy and protection laws.

### Outreach and further discussion
- Reference to a webcast of the IMF/World Bank 2017 Spring Meetings seminar on digital financial inclusion in Africa.
- Mention of IMF Managing Director’s recent blogs on financial technology—fintech.

*Source: Banking On the Go (IMF blog), June 23, 2017.*

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## References

- [https://www.imf.org/wp-content/uploads/2017/06/Tayo-Oviosu_300x205_Ryan-Rayburn-IMF_Flickr.jpg](https://www.imf.org/wp-content/uploads/2017/06/Tayo-Oviosu_300x205_Ryan-Rayburn-IMF_Flickr.jpg)
- [digital financial inclusion in Africa](http://www.imf.org/external/POS_Meetings/SeminarDetails.aspx?SeminarId=216)
- [financial technology](https://blogs.imf.org/2017/06/20/fintech-capturing-the-benefits-avoiding-the-risks/)
- [fintech](https://blogs.imf.org/2017/03/21/fintech-a-brave-new-world-for-the-financial-sector/)

_Source: https://www.imf.org/en/blogs/articles/2017/06/23/banking-on-the-go_