How Digital Financial Services Can Lift Nigerians Out of Poverty
A report, the “financial inclusion insight (FII),” has stressed that digital financial services (DFS) can play a key role in managing expenses and setting individuals and households on paths to stay out of poverty permanently.
The new research report by InterMedia, which is a FII Survey Tracker, was released recently.
According to the report, through digital technology, financial services can reach billions of new customers quickly and efficiently.
It noted that digital accounts cut the costs of transactions by as much as 90 per cent. In addition, it showed that digital accounts give people the ability to save and budget for the first time in their lives, allowing them to withstand financial shocks and direct money toward specific uses, such as education and healthcare. Also, new customers and financial interactions have a domino effect of growth, touching providers, merchants, service providers, etc.