Modernization of the Nigerian Financial System

Soetan, Taiwo O.; Mogaji, Emmanuel

Abstract

The modernization of Nigeria’s financial system reflects a strategic response to globalized banking trends amidst digital transformation, the nation’s unique landscape, and demographic shifts. Initiatives such as the Cashless Policy, Naira Redesign, eNaira, Open Banking, and Emerging Digital Technologies underscore Nigeria's commitment to embracing technological advancements, fostering innovation, and promoting financial inclusion. By leveraging digital solutions, regulatory reforms, and collaborative partnerships, Nigeria aims to enhance efficiency, transparency, and accessibility within its financial ecosystem. Challenges such as regulatory compliance, socio-economic disparities, and technological infrastructure gaps remain pertinent, necessitating continued investment and stakeholder engagement. The trajectory of Nigeria’s financial modernization holds promise for sustainable development, economic empowerment, and resilience in the face of evolving global dynamics.

Citation

Soetan, T. O., & Mogaji, E. (2024). Modernization of the Nigerian Financial System. In Financial Services in Nigeria (245-268). (1). Springer Nature [academic journals on nature.com]. https://doi.org/10.1007/978-3-031-62340-0_9

• Online Publication Date: Aug 17, 2024
• Publication Date: Aug 17, 2024
• Deposit Date: Dec 18, 2024
• Publisher: Springer Nature [academic journals on nature.com]
• Peer Reviewed: Peer Reviewed
• Pages: 245-268
• Series Title: Sustainable Development Goals Series
• Series ISSN: 2523-3092; 2523-3084
• Edition: 1
• Book Title: Financial Services in Nigeria
• Chapter Number: 9
• ISBN: 978-3-031-62342-4; 978-3-031-62339-4
• DOI: https://doi.org/10.1007/978-3-031-62340-0_9
• Public URL: https://keele-repository.worktribe.com/output/1019523
• Publisher URL: https://link.springer.com/chapter/10.1007/978-3-031-62340-0_9
• Additional Information: First Online: 17 August 2024