Unemployment expected to reduce as Digital Financial Services come to the rescue

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Unemployment expected to reduce as Digital Financial Services come to the rescue

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Digital Financing Service in the country is set to create 3 million new jobs in the next 9 years, thus thinning out the rate of unemployment in the country.
Digital Financial Services

Digital Financial Services

According to Godwin Emefiele, the governor of the Central Bank of Nigeria who disclosed this yesterday at the Business Day Financial Inclusion Summit in Lagos, digital financial services are approximated to reduce the cost of providing financial services by 80 to 90 percent compared to the cost of a traditional bank branch.He however lamented that Nigerians do not often utilize digital financial platforms which transcend physical barriers and can be available on mobile phones which are common everywhere today.He then stated that digital financial services could enhance incomes, investments and well being.He proceeded to identifying 3 channels which GDP could be affected by digital financial services: Increased productivity through time and cost savings of business and financial service providers, reduced leakages in government expenditure and increased time savings of individuals.

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