Nigeria to have more payments providers
The Central Bank of Nigeria is proposing to offer licenses to more payment service providers in order to expand access to financial institutions. This may improve Nigeria’s financial inclusion rate by 20%, bringing it to 80 percent by the end of 2020. Central bank governor Godwin Emefiele said the provision of licenses to several players will help support innovation and competition as all parties work to increase their customer base. Nigerians in underserved locations will have access to cost-effective payment services, cash-in and cash-out facilities, and savings products, he added. Emefiele said 3 licenses have been issued by the central bank for ‘shared-agent’ and payment banks. Nigeria with its 200 million people, is behind in offering mobile banking compared to the rest of Africa. Only one mobile banking license has been issued this year.