CBN predicts that the growth of the service sector will be driven by digital lending

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The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has revealed that in 2024, mobile money and digital lending are expected to spearhead growth in the service sector.

At the launch of the Nigerian Economic Summit Group 2024 Macroeconomic Outlook Report, Cardoso projected a 3.76% economic growth, attributing it to increased reliance on fintech.

He emphasized the services sector’s dominance, fueled by mobile money adoption, government partnerships, and expanded digital lending offerings.

The CBN governor expressed confidence in various sectors, including industry, agriculture, and mining, anticipating positive impacts from market-based reforms and SMEs-led growth.

 

While optimistic about fintech’s role in Nigeria’s goal to become a $1 trillion economy, Cardoso emphasized the need for stricter regulatory compliance, highlighting the CBN’s intent to develop a new regulatory framework for the technology-driven payment services sector.

Mobile money has witnessed significant growth, with 22% ownership in 2022 and $832 billion transactions in Nigeria and Sub-Saharan African countries.

 

Digital lending is also gaining popularity, with 211 licensed lenders operating in Nigeria, addressing economic challenges.

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