Investment by firms in Nigeria’s payment system rose to $500 million between 2015 and 2020, Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said.
He said the robust payment system has continued to evolve towards meeting the needs of households and businesses in Nigeria.
“The high level of confidence in our payment system, between 2015 and 2020, has attracted the investment of about $500m in firms run by Nigerian founders,” Emefiele said in a keynote address at a seminar for journalists in Enugu.
Mr Emefiele who was represented by CBN’s deputy governor, Edward Adamu, also said Emefiele said the advent of digital financial services has created faster, more efficient, and typically cheaper transactions compared to traditional financial services.
Many FinTechs have experienced a surge in demand as working practices and customer banking habits changed, according to reports.
Pointing to the estimated 62 per cent population of Nigerian youths, the CBN governor said Nigeria remains primed to be an active playground for digital transformation and cannot afford to ignore the FinTech challenge.