38 million Nigerian adults of the population who remain completely financially excluded will henceforth enjoy financial services as Central Bank of Nigeria issued more Payment Service Banks to telcos. We take a look at the opportunities for banks in a moment.
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In light of the 38 million Nigerian adults of 36% of the population who remain completely financially excluded, the Central Bank of Nigeria (CBN) set a target of achieving 95% financial inclusion by 2024, to boost financial inclusion, especially in rural areas and facilitate transactions.
It is in view of this that Payment Service Banks, PSB licenses have recently been awarded to Telecommunications companies for MTN Nigeria and Airtel. This increases the number of Telcos operating PSBs to 4, with Globacom and 9mobile, already in existence.