Could sandboxes and open banking be the answer to financial inclusion in Nigeria?

Diverse moves to deepen financial inclusion has been on the rise in recent years with the enactment and development of different financial regulations, solutions, and products from key parties such as the Central Bank of Nigeria (CBN), commercial banks, and fintechs.

The CBN has shown some glimpses of this, with the award of licences to players in the agency banking space requiring them to focus the bulk of their activities in rural areas that have little access to regular banking activities.

Also, as pointed out in an earlier piece, the emergence of fintechs with cheap and affordable products across different financial sub-sectors has led to swift responses from commercial banks in a battle where the only winner would be the customers.

Suggested Read: In the battle between banks and fintechs, the customer is the only true winner


Recently, an open banking initiative and fintech sandboxes have been launched in order to create solutions that could potentially deepen financial inclusion if its objectives are realised.

In 2018, Open…

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