Banks and electronic payment firms in the country have been advised to develop products that would help capture the over 60 million unbanked population in the country.
Speaking at the ongoing 2016 Card Expo in Lagos, the Chief Executive Officer, Nigerian Interbank Settlement System (NIBSS), Mr. Ade Shonubi, said there are lots of opportunities for e-payment firms in view of the huge number of people in the informal sector who do not own bank accounts.
“The reality is that we are looking at two different group of people we are trying to address. The Bank Verification Number says we have 25 million bank customers with about 60 million bank account. We are told we have about 180 million Nigerians, and we can say only half of that number are involved in economic activities. That means we have about 60 million people are not captured,” he said.