Financial inclusion in Nigeria has had undeniable successes, with the onboarding of residents to the banking sector consistently progressing. But the overall exclusion rates continue to exceed official targets, not least due to low financial literacy. This case study provides recommendations for Nigeria’s financial inclusion strategy.
Impact / Outcome
The results show that uptake of digital financial services, notably mobile money, is still lower than in peer countries, and overcoming this would require improving digital financial literacy, upgrading digital infrastructure, and promoting incubation and sound practices of fintech firms. Nigeria’s CBDC also has an enabling potential if accompanied by a comprehensive package of supportive policies.
Funding sources
Fully Public
Key Metrics
Increase the adoption and implementation of digital financial solutions.
Operating model
Fully publicYear published
01 March 2023 
International Monetary Fund (IMF)