Mobile Money And Digital Lending Will Lead Growth in The Service Sector in 2024 – CBN Governor
The Central Bank of Nigeria governor Yemi Cardoso recently disclosed that Mobile money and digital lending will lead to growth in the service sector in 2024
Cardoso made this disclosure while speaking at the launch of the Nigerian Economic Summit Group 2024 Macroeconomic Outlook Report.
The CBN governor stated that the fintech sector has continued to dominate economic growth in the country. He therefore projected that the country’s economy would grow by 3.76 percent in 2024, as reliance on fintech is expected to grow in the year.
In his words,
“The services sector is expected to maintain its dominance, driven by mobile money adoption, increased government partnerships, and expanded digital lending offerings. Continued digitization and government support for financial inclusion initiatives are poised to drive growth in the fintech sector in 2024.”
The CBN governor further highlighted several sectors alongside fintech that would grow in 2024. He remarked specifically, the positive outlook for industries such as agriculture, and mining, electricity, that would contribute to business improvement and confidence.
Recall that while speaking on Nigeria’s aim to become a $1tn economy, Cardoso listed the fintech industry as one that will attract significant capital investments into the country.
He projected growth target sectors, including agri-processing, oil and gas, manufacturing, solid minerals, fintech and information technology, real estate construction, and infrastructure, among others to attract significant capital investments.
Despite his optimism about the fintech sector, Cardoso also declared the CBN’s intention to be stricter on regulatory compliance. According to him, the apex bank will engage in extensive consultations to develop a new regulatory and compliance framework that is suitable for the technology-driven payment services sector, as it concurrently conducts a comprehensive review of the licensing framework for payment services.
