Identification Management: The Key to Digital and Financial Inclusion in Nigeria
Back in 2012, the Central Bank of Nigeria (CBN) published the National Financial Inclusion Strategy, setting the financial inclusion target to 80% by 2020, due to the inadequacies within the financial system, in 2019, the apex bank revised the target to 95% by 2024.
Since then, the CBN has taken several steps to boost the industry and encourage the shift to digital payments, including introducing charges on large cash-based transactions to reduce the amount of physical cash.
To achieve this daring target, Musa Jimoh, CBN’s director of payment system management highlighted Fintechs to be major stakeholders in driving financial inclusion objectives in the nation.
Photo courtesy of John O’Bryan.