Assessing the impact of financial inclusion policies on deepening financial inclusion in Nigeria: Supply side perspectives – Nov 2014

The Government of Nigeria, especially the Central Bank of Nigeria, has developed and implemented a variety of policies to spur greater financial inclusion. In July 2014, EFInA commissioned Dalberg Global Development Advisors to undertake an impact assessment to explore how effective these policies have been in creating an enabling environment for financial inclusion in Nigeria. There was a specific focus on: (1) the strategic role of financial inclusion within the stakeholder’s organisation; (2) the awareness of relevant policies within the stakeholder’s organisation; and (3) the stakeholder’s level of satisfaction with these policies and suggestions for improvements.

This research was conducted via interviews with various supply-side stakeholders, including Deposit Money Banks, Microfinance Banks, Mobile Money Operators, Mobile Network Operators, Agent Network Aggregators, Switch Companies, Card Issuance Companies and Industry Associations. A total of 53 interviews were conducted.

The policies that were assessed are:

  • Regulatory Framework for Mobile Payments Services (2009)
  • Revised Microfinance Policy Framework for Nigeria (2011)
  • Guidelines on Non-Interest Window and Branch Operations of Conventional Banks and Other Financial Institutions (2011)
  • Cash-less Policy (2012)/Guidelines of POS and Card Acceptance Services (2011)
  • National Financial Literacy Framework (2012)
  • National Financial Inclusion Strategy (2012)
  • Tiered KYC Regime (2013)
  • Guidelines for the Regulation of Agent Banking and Agent Banking Relations (2013)
  • Revised Guide to Bank Charges (2013)

The study found that the policies have generally been effective in creating an enabling environment for financial inclusion in Nigeria. The report also highlights opportunities for policy reforms that could serve to further promote financial inclusion in Nigeria.

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