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Fintech rules the service sector growth in 2024, says Central Bank.

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The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has predicted that mobile money and digital lending will drive Nigeria’s service sector growth in 2024. Speaking at the Nigerian Economic Summit Group’s 2024 Macroeconomic Outlook Report launch, Cardoso highlighted the importance of fintech innovation and government-backed financial inclusion initiatives in promoting growth in the services sector. He also emphasized the role of industry, agriculture, mining, and utilities in the broader economic vision for Nigeria. However, Cardoso also signaled a stricter approach to regulatory compliance within the fintech space, citing concerns over technology’s use in financial services and adherence to licensing frameworks. The CBN’s push for a more cashless economy has led to significant growth in mobile money, as reported by GSMA, and the rise of digital lending has increased the number of licensed digital lenders operating in Nigeria.

The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has predicted that mobile money and digital lending will drive Nigeria’s service sector growth in 2024. Speaking at the Nigerian Economic Summit Group’s 2024 Macroeconomic Outlook Report launch, Cardoso highlighted the importance of fintech innovation and government-backed financial inclusion initiatives in promoting growth in the services sector. He also emphasized the role of industry, agriculture, mining, and utilities in the broader economic vision for Nigeria. However, Cardoso also signaled a stricter approach to regulatory compliance within the fintech space, citing concerns over technology’s use in financial services and adherence to licensing frameworks. The CBN’s push for a more cashless economy has led to significant growth in mobile money, as reported by GSMA, and the rise of digital lending has increased the number of licensed digital lenders operating in Nigeria.

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