Nigerian Government Aims to Use Post Office to Reduce Unbanked Population to 10 Percent

Tuesday, October 14, 2014

The Federal Government has said it would leverage the expansive network of the Nigerian Postal Services (NIPOST) to reduce the unbanked adult population in the country to 10 per cent by 2016.

Minister of Communication Technology, Dr Omobola Johnson, who stated this in a presentation in Lagos, said the move was in line with the government’s bid to accelerate financial inclusion in Nigeria through creation of agent cash point for mobile money scheme.

Mobile money scheme, introduced by the Central Bank of Nigeria (CBN) with about 18 mobile money operators already issued licences in the last three years, allows individuals to send monetary values through their mobile devices.

According to the minister, though the country currently has 35 million adult Nigerians (about 46 per cent) financially excluded, the network of postal outlets operated by NIPOST constitutes the most widespread retail network in the country to boost financial inclusion.

Source: Nigerian Tribune (link opens in a new window)

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