Just a decade ago, Nigeria was heavily dependent on the traditional banking model for financial services and transactions. The need to transform the industry was obvious. In the eastern part of Africa, Kenya had begun the financial turn with M-Pesa. Launched in 2007, the service allows users to pay bills and send money through mobile phones or an agent network, regardless of whether they have bank accounts. As a result, the service impacted access to economic services with financial inclusion in Kenya rising from 27% in 2006 to 83% in 2019.
In 2012, Nigeria took major steps in its journey by launching the National Financial Inclusion Strategy (NFIS). The main goal of the NFIS is to ensure that 80% of Nigerian adults are financially included by 2020. Before this, the formal use of financial services by the adult population stood at 36.3% in 2010. To achieve the 2020 goal, the Central Bank of Nigeria (CBN) also introduced agent banking guidelines to operators. The guidelines allow mob
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