Nigeria FinTech Landscape - Impact Assessment
Nigerian FinTech landscape - key messages (2/2)
Despite the flurry of activity, the amount of impact
created by FinTech is still a fraction of the potential
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FinTech can create value across 2 key dimensions.
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Economic impact: Increasing the value pool for financial services by bringing
in new customers or increasing usage of existing customers
Developmental goals: Helping realize impact of digital financial services
through increasing financial and gender inclusivity and enabling the digital
economy
Across these factors, FinTech have made moderate progress on financial inclusion
but impact has been limited elsewhere
Given the value at stake, a concerted collaborative
effort by key stakeholders will ensure enhancement
of the FinTech ecosystem and more realized benefits
from the promise of digital financial services
There are a number of actions that could enhance Nigeria's digital financial
services landscape, however 5 of them could yield the biggest impact
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Foster innovation
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Develop a credit infrastructure
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Create a pull for digital ID
Increase the tech talent pipeline
Expand digital infrastructure
A concerted and collaborative effort involving CBN, other financial services
regulators (NAICOM, PENCOM), NCC, NIBSS, Donors and Foundations could
lay the enabling framework to power the next level of growth
EFINA
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