The Central Bank of Nigeria recently released an exposure draft that would guide the operation of digital financial services (DFS) in the country . Titled Digital Financial Service Awareness, the draft will ensure that institutions or firms in the Fintech Industry would make their products and services more accessible for consumers to understand.
Promoting consumer knowledge in the financial market is vital for financial inclusion, as it gives individuals in rural communities sufficient understanding in obtaining services and migrating from traditional financial services to going fully digital. Furthermore, the CBN highlighted that the draft would enhance transparency and integration of DFS into financial education programmes. Ultimately, the CBN hopes to help DFS expand in the country and achieve its maximum potential.
According to the apex bank, the guidelines would apply to all institutions providing digital financial services like Merchant Banks, Deposit Money Banks, Payment Service Banks and other payment service institutions licensed by the governing financial body in Nigeria.
Nigeria in focus:
Population: 206.1 million in 2020 as compared to 201 million in 2019
GDP: $432.3 billion compared to $448.1 billion in 2019
GDP per capita: $2,097 in 2020 compared to $2,229 in 2019