A new survey by Enhancing Financial Innovation and Access (EFInA) finds that blockchain technology can sort out challenges to financial inclusion in Nigeria and boosts Nigeria’s economy, bearing the variables in ground can add $29 billion to the nation’s GDP on or before the end of 2030.
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This was revealed in a report by EFInA sent to media houses, with the title, “Potential of Blockchain for Financial Inclusion in Nigeria,”. It outlines the potentials of blockchain technology in driving and demonstrates potential use cases of blockchain technology in Nigeria.
The survey showed that out of of 80% projected rate for financial inclusion in Nigeria’s business space, only 64% has been achieved so far. The EFInA blockchain study highlights that blockchain-enabled solutions can support progress towards the Nigeria’s financial inclusion targets and address some of the key challenges around financial inclusion such as lack of formal ID, high transaction charges, and lack of transparency.
EFInA identified four key use cases of blockchain technology in Nigeria – Enabling Identity Management, Payments, Access to Finance, and Land Titling & Registration – outside of cryptocurrency, which is a major application of blockchain technology and a recurring topic of discussion amongst regulators and government entities around the world today.
The report avowed that multiple stakeholders are need in a public/ private partnership arrangement to achieve the goal of financial inclusion. A good model is the Nigeria start-up bill which is a collaborative effort of private stakeholders and government to deliver laws that takes the interest of start-up owners at heart.