The Central Bank of Nigeria has been advised to adopt a telecommunications-driven approach through mobile money to drive its financial inclusion strategies targeted at SMEs or the unbanked population.
United Nations Special Envoy on financial inclusion Queen Maxima disclosed this during a visit to the CBN headquarters in Abuja on Thursday as a means of supporting Nigeria to reduce its financial exclusion rate.
But CBN Governor, Godwin Emefiele said the country is being cautious in shifting from a bank-led to a telco-driven approach to mobile money due to certain challenges.
