Nigeria Pursues 95% Financial Inclusion with Digital Payment Channels

Nigeria is pushing to achieve 95% financial inclusion through its digital payment channels. The Central Bank of Nigeria (CBN) aims to improve existing frameworks to build a secure, inclusive, and interoperable digital payments ecosystem.

The CBN's reform, represented by Acting Director Hakama Sidi-Ali, includes the launch of the Payments System Vision 2028, which targets financial inclusion for all. The bank has already expanded financial inclusion through various channels such as agent banking, Point-of-Sale (POS) terminals, mobile money, and QR payments.

Despite progress, Branch Controller Njideka Nwabukwu highlighted the need for investments in digital payment infrastructure to reach rural communities. She emphasized the importance of collaboration among banks, payment service providers, businesses, government agencies, and consumers to achieve the 95% target.