Status: Draft -- Not PublishedWill be live at 01/25/2017 00:00
Nigeria: Investing in a Cashless Future
Wednesday, January 25, 2017
With the launch of the National Financial Inclusion Strategy (NFIS) in 2012, Nigeria, a signatory of the Maya Declaration, took a first step in support of financial inclusion. The strategy aims to reduce the financial exclusion rate from 46 percent in 2010 to 20 percent in 2020, through the implementation of several regulatory reforms and targeted programs. Regulatory reforms have focused on the framework for agent banking, the consumer protection framework and Know Your Customer (KYC) rules. Targeted programs have included an incentive scheme to promote usage of electronic payments, promoting financial literacy, small and medium enterprise (SME) finance support, and continuing to develop mobile payment systems and other cash-less policies. Nearly four years into its implementation, the country has made some progress in improving financial inclusion, but work remains.