Nigeria’s Youthful Population And Mobile Penetration Presents A Fertile Ground For Fintech to Flourish- NCC
Nigeria Communications Commission (NCC) has said that the country’s youthful population and increasing mobile penetration present a fertile ground for the financial technology industry to flourish, offering immense potential for financial inclusion, economic growth, and social development.
This statement was made by the Executive Vice Chairman of the Nigeria Communications Commission (NCC), Dr Aminu Maida, over the weekend in Abuja.
Maida, who was represented by the Principal Manager, NCC, Engr Kunle Olorundare the launch of a book titled, “Digital Economy and the Prospect of Financial Technology in Nigeria” said,
“The digital economy is rapidly reshaping every facet of our lives and the Fintech industry is an integral part of this revolution. Nigeria with its youthful population and increasing mobile penetration presents a fertile ground for fintech to flourish offering immense potential for financial inclusion, economic growth, and social development”.
Nigeria’s youthful population structure according to several analysts is potentially an economic asset. The country has the largest population of youth in the world, with a median age of 18.1 years. About 70% of the population are under 30, and 42% are under the age of 15.
The youth population in Nigeria is increasingly turning to digital payment mechanisms for retail purchases. Apart from traditional payment methods, these young people are now using digital banks, mobile wallets, gift cards, QR codes, and cryptocurrency. This shift is revolutionizing the way Nigerians access, buy, and sell goods, opening up easier and more efficient ways of making payments.
On the other hand, Mobile devices have become ubiquitous in Nigeria, providing a convenient platform for delivering financial services to a large segment of the population that may have previously been underserved by traditional banking institutions.
This widespread mobile adoption, combined with the entrepreneurial spirit of Nigerian youth, fosters a fertile ground for fintech startups to innovate and thrive.
Overall, Nigeria’s youthful population and high mobile penetration rate, create a conducive environment for fintech to thrive, driving financial inclusion, economic growth, and innovation in the country’s financial sector.
