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Digital payment leaps to 16% in 2018 aided by deepening financial inclusion
Digital payment in the country has witnessed a significant increase, jumping to 16 percent in 2018 from 12 percent achieved in 2016, a newly unveiled 2018 access to financial service in Nigeria survey findings released by EFInA has revealed.
According to a statement, the usage of digital payment was driven by the deepening of financial inclusion.
The survey also explained that the main barriers to financial inclusion remained lack of product/services awareness and knowledge, institutional exclusion and affordability.
“Banked population went up by 1.4 per cent. The growth has been driven by transaction products. A number of adults relying on informal mechanism only increased significantly as more adults moved into informal employment. Payments were mostly cashed based, driven by the size of the informal sector”, the report says.
Read also: NDIC joins CBN on Islamic Financial Services Board as full member
Speaking at the unveiling ceremony in Lagos, the Chief Executive Officer, EFInA, Esaie Diei, noted that though the country was still far from meeting the target of reaching full financial inclusion,the EFInA in partnership with the key stakeholders would ensure that by 2020 they would get to the target.
Diei commended the Central Bank of Nigeria, CBN, for issuing the payment service bank guideline, stating that the newly released survey would help stakeholders understand the position of activities in the financial services sector and what needed to be done.
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