Tech Tuesday: Nigeria Combats Financial Illiteracy with New Technology

With many Nigerians living in rural areas away from finance services, much of the Nigerian population has grown financially illiterate. As such, many therefore live without the understanding of saving accounts or interest rates. For this reason, the Central Bank of Nigeria has announced that it will use Mapping Technology to target those living without nearby financial services. Through data mapping and financial access point locating, the CBN intends to provide financial services to more Nigerians across the country. With nearly 47% of Nigerian adults being financially excluded from financial services, the CBN hopes to drop this number down to 20% by 2020.

Financial inclusion is an issue that must be addressed in Nigeria, as without financial services nearby, the population’s youth will be at a disadvantage in the future. For this reason, the Central Bank is taking the right step in combating this issue. In curtailing the unavailability of financial institutions, the Nigerians are moving to develop a nation of financially literate citizens. For more information on the Central Bank of Nigeria’s financial inclusion plan, or a deeper look at the data mapping technology, please click here.