Central Bank in Nigeria
News was released stating the CBN has been working on a CBDC which will be operational by the end of 2021.
Financial inclusion is a priority for the CBN and Nigeria today has a huge unbanked population. Financial inclusion may assist in formalizing cross-border trade between African countries (now officially this is 2 percent of all cross-border trade).
Mostly intra-African trade is informally done.
Now 51 percent of Nigerian adults using formal financial services.
The African Continental Free Trade Agreement seeks to establish a singlemarket and universal tariffs. Digital services may help establish this.
Mobile wallets are at a policy level an effective strategy to lower costs and enable better financial services. In 2019, 50 million sub-Saharan Africans created mobile wallets.
Nigeria has a GDP of 370 billion dollars.
“For the first time, more than half of Nigerian adults are using formal (regulated) financial services, according to newly published data from EFInA (Enhancing Financial Innovation & Access). The EFInA Access to Financial Services in Nigeria 2020 Survey shows that 51% of Nigerian adults are using formal financial services, such as bank, microfinance bank, mobile money, insurance, or pension accounts, up from 49% in 2018. This has largely been driven by growth in banking, with 45% of Nigerians banked in 2020, up from 40% in 2018.”