Cover Selected Issues Papers
Nigeria—Fostering Financial Inclusion through Digital Financial Services: Nigeria
Author:
Torsten Wezel
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and
Mr. Jack J Ree
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Series:
Selected Issues Papers
Volume/Issue:
Volume 2023: Issue 020
Language:
English
Publication Date:
06 Mar 2023
DOI:
https://doi.org/10.5089/9798400237195.018
ISBN:
9798400237195
ISSN:
2958-7875
Pages:
19
Keywords:
Central Bank Digital Currency; digital financial services; financial inclusion; financial literacy; mobile money; Nigeria's CBDC; exclusion rate; account ownership; bank account; money transfer; Mobile banking; Fintech; Sub-Saharan Africa; Africa
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IMF Selected Issues Papers are prepared by IMF staff as background documentation for periodic consultations with member countries. It is based on the information available at the time it was completed.
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Financial inclusion in Nigeria has had undeniable successes, with the onboarding of residents to the banking sector consistently progressing. But the overall exclusion rates continue to exceed official targets, not least due to low financial literacy. Going forward, Nigeria’s financial inclusion strategy should more systematically leverage rapidly developing digital instruments. Uptake of digital financial services, notably mobile money, is still lower than in peer countries, and overcoming this would require improving digital financial literacy, upgrading digital infrastructure, and promoting incubation and sound practices of fintech firms. Nigeria’s CBDC also has an enabling potential if accompanied by a comprehensive package of supportive policies.

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Cover Selected Issues Papers
Selected Issues Papers
Publisher:
International Monetary Fund
Volume 2023: Issue 020