What Is Causing The Fintech And Banking Tsunami In Nigeria?
According to estimates, 42 million Nigerians live in places where they cannot access basic banking services. However, Nigeria is outpacing every other African country in the Fintech and Neobanking sectors. Understanding how reform and the desire of the private sector to close this gap in the most populous country in Africa have come together in a few images by connecting these two realities is made easier. The National Financial Inclusion Strategy, a document released by the Nigerian government in 2011, set a lofty goal of integrating 80% of Nigerians into the financial system by 2020. Despite heroic efforts in some locations, the figure by that year was still just about 64%. The efforts of the governmental and commercial sectors to change the goalposts are hampered by a variety of issues, including the economic slump, deteriorating security in some regions of the nation (particularly the north), low literacy rates, and historical mistrust of financial institutions. What about the good...