New Ways Telcos Can Drive Nigeria’s Financial Inclusion

The financial services sector in Nigeria hitherto has experienced operational challenges, but the advent of information and communications technology (ICT) has revolutionized the system. With an almost seamless operation, the financial sector has definitely witnessed significant improvement with ICT. However, there are still some challenges.

The Nigerian banking system is evolving with the introduction of the automated teller machines (ATM), the use of debit cards, internet banking, mobile banking, point of sale terminals (PoS), agent banking amongst others which is seeing more people being financially included.

However, with over 153 million Nigerians having access to mobile telephony and about 97 million connected to the Internet, Nigeria still lags behind many advanced nations in the area of financial inclusion- citizens with bank accounts and making transactional services with formal financial institutions.

Source: Leadership