August 14

Why Mobile Money Growth Remains Stunted in Nigeria

By Lucas Ajanaku

The Central Bank of Nigeria (CBN) published the Financial Inclusion Strategy (FIS) setting financial inclusion target of 80 percent realisation this year. Due to challenges within the system, the apex bank revised it last year to 95 percent by 2024. Mobile money, a veritable tool for achieving this ambitious goal, remains in the limbo because of certain factors.

To achieve financial inclusion, the growth of mobile money is vital. The importance of this was not lost on the Central Bank of Nigeria (CBN), when about a decade ago, it licensed mobile money operators to enable people carry out financial transactions via their mobile phones.

Photo courtesy of USAID Digital Development

Source: Salaam Gateway (link opens in a new window)

Finance, Technology
cash transfers, financial inclusion, fintech, microfinance, SDGs