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Nigeria’s financial-inclusion rate to hit 80% by year-end

Nigeria’s financial-inclusion rate to hit 80% by year-end

Mubasher: The Central Bank of Nigeria (CBN) is planning increase licences issued to payment providers to boost Nigerian financial-inclusion rate to 80% by the end of 2019, compared to the current 60%, according to Bloomberg.

The provision of licenses to various companies will support innovation and competition in Africa’s most pulpous country, the CBN’s governor Godwin Emefiele stated.

“Nigerians in underserved locations will have access to cost effective payment services, cash-in and cash-out facilities, and savings products,” Emefiele added.

Nigerian banks direct their attention to retail banking to avert potential competition from mobile network operators.

Emefiele said that CBN has provided shared-agent and payment-bank licenses to three companies in 2019.