Why mobile money growth remains stunted in Nigeria
Published 12 Aug,2020 via The Nation - In 2012, the Central Bank of Nigeria (CBN) published the Financial Inclusion Strategy (FIS) setting financial inclusion target of 80 per cent realisation this year. Due to challenges within the system, the apex bank revised it last year to 95 per cent by 2024. Mobile money, a veritable tool for achieving this ambitious goal, remains in the limbo because of certain factors, reports LUCAS AJANAKU.
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.
The model adopted by the apex bank was bank-led while the model adopted in Kenya was telecoms-led.
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LUCAS AJANAKU