4 Important Takeaways from the Payment Service Bank Webinar
On Monday, February 22, 2021, SIDFS hosted a webinar themed: Supporting the Payment Service Bank (PSB) Regime in Nigeria, inpartnership with Dvara Research India. The webinar aimed to deepen understanding of Payment Banks (PBs), their role so far in India’s financial inclusion journey and the lessons we can glean to enhance Nigeria’s own Payment Service Bank […]
Payment Banks: All You Need to Know about Nigeria’s Newest Payment Service Category
Over the years, we have discussed various constraints limiting financial inclusion whose targets were established in the 2012 National Financial Inclusion Strategy (NFIS). One of the critical inhibitors — access to financial access points through agents — was often pitched against the progress in other markets where telcos operate mobile money services. While the direct […]
For Nigeria’s poor, Covid-19 is just one out of a myriad of life hazards
For Nigeria’s poor, Covid-19 is just one of a myriad of life hazards As the entire planet battles against the rage of the coronavirus pandemic, the world’s poor remain evermore vulnerable. And in a country like Nigeria where 50 percent of the near 200 million population already live below the poverty line, getting infected with the […]
Good insights, better products: the exciting journey into consumer research and DFS innovation
Using insights to describe customer needs and tailoring products around these traits will supercharge adoption of financial products Financial inclusion is an enabler and an effective lever for GDP growth, poverty alleviation and closing the gender gap. The logic is that being financially included leads to improved financial health as it grants citizens, particularly the […]
COVID-19 and SDGs: How the pandemic impacts attainment of the SDGs
The COVID-19 pandemic is a major hitch in the attainment of the SDGs, but how bad are we hit? The pandemic impediment to attaining the SDGs The United Nations 2030 Agenda for sustainable development is perhaps the most ambitious agenda on the planet. The 17 Sustainable Development Goals (SDGs) aim to produce a better world for humanity […]
Financial Inclusion and the Frugality of Mobile Money for the BOP
Mobile money and digital financial services are frugal innovations and proven vehicles for providing and deepening access to formal financial services among the unbanked and underserved citizens. What is a frugal product and how does mobile money fit into this description? To be frugal means to be efficient at adding value amidst scarce resources. Frugal […]
Digitised Banking: Greater DFS Innovation Needed to Adequately Decongest Banking Halls
With financial service providers taking major steps to protect staff and customers from COVID-19, this should be the finest moment for DFS! After four weeks of being ‘locked down’ at the directive of the President, the cities of Lagos and the FCT sprang back to life at the lifting of the lockdown. What no one […]
Fast tracking e-KYC for Financial Inclusion
The policy work stream of the SIDFS initiative tracks formulation and reform of public policy, regulation and implementation of agreed consensus on DFS policy direction, periodically communicating developments to stakeholders. Currently, we are engaged in empirical research in a bid to recommend policy/regulatory measures for the promotion of sustainable business models and inclusive products […]
Covid-19 and Financial Inclusion in Nigeria: Effects and Implications on Agent Banking
Agent Banking “…is the provision of financial services to customers by a third party (agent) on behalf of a licensed deposit taking financial institution and/or mobile money operator (principal).” (from CBN Agent Banking Guidelines) We’ve written extensively in the past about agent networks and their role in DFS delivery at the last mile, especially in […]
Financial inclusion: a low-hanging fruit for post Covid-19 economic recovery and growth in Nigeria
Covid-19 is the sci-fi sounding name given to the latest coronavirus from Wuhan, China. What is now clear is that early warning systems, response protocols, international and national response preparedness and institutions are either unavailable or painfully embryonic. Inevitably, the contagion spread, mainly through global aviation, tourism and even diplomatic activity. In Nigeria, there was […]