More Nigerians may be embracing digital payments, as latest data released by the Nigeria Inter-Bank Settlement System (NIBSS) clearly indicates. But according to analysts at CSL Research, the industry remains significantly under tapped and looks set for rapid growth over the next few years.
In a note obtained by New Telegraph yesterday, the analysts said their prediction was based on the country’s huge population, increasing mobile and internet penetration, as well as efforts to boost financial inclusion, which has presented a lot of opportunities in the fintech sector. As the analysts put it, “the country’s favourable demographics, increasing mobile and internet penetration, coupled with the need to achieve financial inclusion has brought significant opportunities in the fintech space. “This has also forced traditional banks to be part of the change in driving new transformations in the financial system. From major funding announcements to new policy directions and strategic partnerships shows the fintech space is proving to be the frontier of the next decade.
“Nevertheless, we believe the sector still requires more investments and novel ideas to make it competitive with the players in developed climes. Recently, the NIBSS announced the launch of the NQR payment solution designed for merchants and customers to receive and make payments for goods and services.”