NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Wednesday, December 14, 2016

With improved and consistent adoption of digital financial services in the country’s payment system, about $88 billion will be added to Nigeria’s Gross Domestic Product (GDP) by 2025.

The amount, which represents 12 per cent increase from its current contribution to the GDP would also bring substantial benefits to financial services providers and the economy, apart from boosting financial inclusion level.

The digital ststem refers to ways in which basic financial services- payments, savings, loan or insurance products are provided, particularly to the poor through mobile phones, the Internet and electronic cards/payment platforms.

Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, who stated this yesterday in Lagos said the development of the country’s payment system and reduction in the number of the excluded remains a top priority and can be seen in the cash-less economy initiative.