Mobile money’s growth has been phenomenal, processing over a trillion dollars in 2021. But what’s the situation in Nigeria? — When mobile money emerged in 2007, it was a curious experiment. Having the ability to send and receive money with nothing but a simple mobile phone seems like something you’d read about in a Jules Verne novel or a science fiction movie from the 80s. …

How Customer Journey Mapping Helped this Nigerian Bank identify Underserved Customer Segments and Boosted their Loan Portfolio — The fourth cohort of our Product Development Lab kicked off in February 2022. Since 2020 when the Lab launched, 11 financial service providers (FSPs) have passed through the Lab with the intent to create new DFS products or tweak underperforming ones. Supporting these FSPs on their respective journeys, from ideation…

PSBs are presently prohibited by the CBN from offering loans and experts believe this limits their profitability; so what does that mean for PSBs? — One prevailing sentiment is that the granting of approval-in-principle of PSB licenses to MTN and Airtel affiliates can move the needle on financial inclusion in Nigeria as telcos have the capacity to bank the unbanked. …

Partnerships often breakdown due to disagreements over customer ownership. How can FSPs sidestep this obstacle? — Creating and delivering innovative products and solutions to customers at affordable prices often compels financial service providers (FSPs) to seek out partnerships with other ecosystem operators. Such partnerships enable FSPs to share risk, combine resources and create synergies that would enhance their collective outcomes.

December 1, 2021 was an exciting day of presentations, discussions and debates at the International Financial Inclusion Conference, organised by Lagos Business School and Business Day. The conference brought together business leaders and financial inclusion experts and enthusiasts from all over the country and beyond to explore the role of…

The CBN’s e-Naira plans raise important fairness questions that could worsen financial exclusion if not adequately considered — The Central Bank of Nigeria’s (CBN) staunch opposition to cryptocurrencies was met with mixed feelings. The Securities and Exchange Commission (SEC) had announced protocols for engaging with cryptocurrencies but halted its moves in direct reaction to CBN’s decision and then announced that it would coordinate any further regulatory action in…

“If you don’t measure it, you can’t improve it” ~ Peter Drucker — Measuring the growth of mobile money is an annual tradition spearheaded by the Global System for Mobile Communications (GSMA). …

Open banking could introduce a new era of innovation and collaboration but like all innovations, execution will be the determining factor — The Central Bank of Nigeria has been on a roll. Over the last three years, the regulator has released a slew of guidelines in a bid to improve financial inclusion — the PSB guidelines and license in 2018, the regulatory sandbox framework in 2020, and most recently, the open banking…

This month’s Tracker features a call by the Executive Secretary, Nigeria Computer Society (NCS), Mr. Iyiola Ayoola, for federalizing legislative power over Communication.[1] According to him, this will ensure that the states and local governments promote quicker and more democratic spread of broadband and other critical digital economy services. It…