#Digital Financial Services in Nigeria: The Start of a Movement

Access to financial services is a critical factor in the transition in and out of poverty—and while we have made significant progress in driving financial inclusion around the world, two billion remain unbanked globally. In Nigeria, 4 out of every 10 adult Nigerians are financially excluded—and there is still much work to be done to reach the national goal of financially serving 80% of Nigerians by 2020.

On January 21, 2016, Lagos Business School (LBS) launched a new research project titled “Sustainable business models for delivering digital financial services to lower income unbanked citizens of Nigeria.” In conjunction with the Bill & Melinda Gates Foundation, the project seeks to better understand the delivery and access constraints, and the barriers to developing viable business models that will drive financial inclusion for all Nigerians.

Here are key takeaways to remember from this project:

• Poverty is not a static condition. Millions of Nigerians transition in and out of poverty each year, but access to digital financial services, like a mobile wallet or digital bank account, can help people pull themselves out of poverty for good. Let’s expand #FinancialInclusion in #Nigeria. We can build a more inclusive, vibrant economy for all!
• Fact: it’s expensive to be poor. But with digital banking, the poor can better manage resources and save for the future. Be a part of building an economy that includes and benefits everyone. Lack of access to #FinancialServices can make being poor even more challenging. Going #digital could help change this in #Nigeria. #DigitalFinancialServices can help reduce those costs & allow Nigerians to save for the future.
• Financial exclusion remains prevalent in Nigeria.  Lagos Business School is working to understand how we can build an effective digital financial system that is practical and appealing for everyone—no matter where they are. Access to #FinancialServices can help alleviate the stresses of poverty. Help Nigerians help themselves #Nigeria
• By 2020, Nigeria aims to have 80% of its population financially served. We’re at 60% today. #DigitalFinancialServices  can help us get there! By understanding the challenges and being creative in finding solutions, we can reach our goal of building a more inclusive economy for all.
• Innovation is critical to expanding financial inclusion in Nigeria. This year, Lagos Business School students will develop potential business models to help the private sector bring innovative digital financial services to our unbanked poor.  Innovation is the key to greater #FinancialInclusion in #Nigeria. What’s your big idea?

Follow Lagos Business School on Facebook and Twitter for more information about this groundbreaking project.