Review of Financial Regulations That May Adversely Impact Financial Inclusion in Nigeria Study - Nov 2016

Over the past couple of years, the Central Bank of Nigeria (CBN) has introduced several policies and guidelines including the (re)introduction of mandatory charges such as stamp duty, ATM withdrawal fees and current account maintenance fees.

In November 2016, EFInA conducted a study on banked customers, operators and the CBN to find out their perspectives about some of these regulations & how they might impact financial inclusion in Nigeria. The data provided will be used by key stakeholders such as policy-makers and financial service providers to highlight opportunities for policy reform.

Findings revealed that mandatory charges on banking transactions are the most negatively perceived regulatory interventions. Although bank charges do not immediately lead to a decline in financial inclusion, the long term negative experience is likely to encourage the banked population to seek alternative channels that better suit their financial needs.

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