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Nigeria to Allow More Payment Providers to Boost Banking Access

Maiduguri, Nigeria. 

Maiduguri, Nigeria. 

Photographer: Jean Chung/Bloomberg

Nigeria’s central bank plans to license more payment providers in an effort to improve the country’s financial-inclusion rate to 80% by the end of next year from about 60%.

“The provision of licenses to several players will help support innovation and competition as all parties work to increase their customer base,” Central Bank of Nigeria Governor Godwin Emefiele said in a speech in Abuja on Friday. “Nigerians in underserved locations will have access to cost effective payment services, cash-in and cash-out facilities, and savings products.”