Nigeria, the largest economy in the continent of Africa, still remains a largely cash-dominated society. As per one report by Access Bank Plc, over 40 million Nigerians do not have a bank account. However, the Central Bank of Nigeria has implemented several measures to encourage people to become part of the country’s regulated financial system, including implementing the National Financial Inclusion Strategy and launching of Payment Service Banks. Thanks to these measures, financial inclusion has improved, with an 11% increase in active bank accounts as of early 2020.
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