By limiting the barriers currently confronting financial inclusion in Nigeria, blockchain technology will contribute no lesser than $29 billion to the country’s Gross Domestic Product (GDP) by 2030, a report by Enhancing Financial Innovation & Access (EFInA) has revealed. Driving financial inclusion in Nigeria has been highlighted by the Central Bank of Nigeria (CBN) as a key objective. EFInA further stated that blockchain technology, if effectively explored in Nigeria, can create ‘Enabling Identity Management’ and also fast-track access to finance and land titling & registration outside of cryptocurrency, adding that, ‘circulars recently released by Central Bank of Nigeria (CBN) and SEC indicate that blockchain technology is on Nigerian policy makers’ radar as cryptocurrency falls into different categories. “To ensure that the potential of cryptocurrency and blockchain technology is realised in Nigeria, a collaborative effort among multiple stakeholder groups is essential – Regulators, Financial Service Providers, Development Institutions, and Donors /Financial Sector Development organisations. These stakeholder groups must find ways to communicate and collaborate to spur innovation-friendly policies and ensure we take a risk-balanced approach in implementing emerging technology in Nigeria.”It added that “other countries have leveraged public-private partnerships and adopted blockchain technology to drive inclusion and efficiency in their financial systems.

Source: Nigerian Tribune July 13, 2021 18:00 UTC