The International Monetary Fund (IMF) has highlighted five priority policy options for fostering financial inclusion in Africa’s biggest economy.
The importance of financial inclusion, which is a key enabler to reduce extreme poverty and boost shared prosperity, has made it to be identified as an enabler for seven of the 17 Sustainable Development Goals 2030.
Authors of the IMF report said that the onboarding of residents to the banking sector has consistently progressed but the overall exclusion rate and the one for the use of specific financial products continue to exceed official targets by far. The IMF also revealed that despite CBN’s huge investments in pushing awareness of digital currency in the public space, its adoption is still low.
Following Nigeria’s introduction of the e-Naira in October 2021, several Sub-Saharan African central banks have been exploring the use of digital currencies to enhance their payment systems.
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