A large population of over 170 million people, a cash and carry economy and tough hurdles to access financial services, all combine to provide a sea of opportunities for investors in the retail financial services sector of the Nigerian economy. Commercial banking presents stiff regulations for entry and more people are seeking alternatives to commercial banking halls and platforms.

Recent statistics from the Central Bank of Nigeria (CBN) indicate that at least 37% of Nigeria’s population are unbanked. This means that at least 62.9 million people do not have access to financial services, even when they are very poor and require micro credit and other services to create wealth and survive.

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