One of the barriers to national development is a lack of access to services and instruments which could better the lives of the masses. In many developing countries, more than half of the population does not have access to basic financial services.

A 2020 report by Enhancing Financial Innovation and Access (EFInA) revealed that about 38 million Nigerians are totally financially excluded. Only about 51% of the adult population had access to formal financial services. These services included payments, savings, credit, insurance, and pension.

The Central Bank of Nigeria had in 2012 created a National Financial Inclusion Strategy. As part of its drive to financial inclusion in the country, CBN granted licenses to Mobile Money Operators (MMOs) and.. More..https://alabiansolutions.com/blog/moniepoint-the-largest-non-bank-mobile-money-service-in-nigeria/