Nigeria is planning to create three million jobs by 2025 from digital financial inclusion according to the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.
Emefiele said this would be achieved when there is increased adoption of digital financial services, adding that a 90% reduction in the cost of providing financial services is a further goal.
Speaking in Lagos at a Financial Inclusion Summit, the CBN governor called for the further digitisation of current cash payments.
"Digital Financial Services have substantial potential to promote financial inclusion, increase productivity and support economic growth in our country," he said.
He added: "One key barrier to financial inclusion, as defined in Nigeria's National Financial Inclusion Strategy, is the remoteness of access to financial services. Several people do not use financial products because they live too far away from a physical financial access point such as bank branch, an insurance agent or ATM.
"Digital financial services transcend such physical barriers as they can be availed through virtual channels such as mobile phones, which today are ubiquitous. We have noted commendable innovations in the industry today, thereby financial institutions have begun to leverage the mobile platform to open accounts and conduct transactions, enabling existing clients and previously excluded population to access financial services in a more convenient manner.
"Digital financial services can also reduce other barriers to financial inclusion, such as high cost of transaction or transportation costs while also saving valuable travel time."
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