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Struggle on Financial Inclusion in Nigeria

Financial inclusion will come in Nigeria when people make decent enough to care to be included. But it is not when sending money costs someone N52 and more. If you do that 10 times in a month, that is N520 in a country that cannot afford $65 as monthly minimum wage.

People are not stupid: they do cost-to-benefit analysis. Yes, why open bank account for banks to be taking VAT, fees, debit card fee, stamp duty, etc. Hello, pillows!

Chuma Akana in a piece for Tekedia explains the recent CBN Payment Service Bank and how it will play on the march to financial inclusion in Nigeria.

Nigeria’s Payment Service Bank Guidelines and Quest for Financial Inclusion