While the Bank Verification Numbering (BVN) system launched to address digital identification challenges by financial institutions has successfully enrolled about 30 million unique bank account holders, it is yet to gain general acceptance amongst the under-banked and unbanked with 1.2 and 1.3 percent enrolled respectively.
Likewise, the national identity system with 3.1 and 1.9 percent enrolment amongst the under-banked and unbanked respectively further emphasises this void.
Nonetheless, the voter’s identification is the national identification documentation that is most accessible to the under-banked and unbanked. The ubiquity of the voter’s identification warrants efforts for increasing access to identification documents acceptable and verifiable for financial transactions.un
These are contained in the Lagos Business School [LBS] digital financial report titled Digital Financial Services in Nigeria: State of the Market Report 2017 authored by Olayinka David-West with contributions from several key players.http://sustainabledfs.lbs.edu.ng/FI-Resources/SoMR-Full_Report-2017.pdf
The report addresses the DFS’s third ecosystem pillar – the institutional/regulatory component, with specific focus on the legislation, policies and regulations. The policy analysis unearthed critical policy constraints and guided by the doctrinal interpretations of existing laws, market-enabling policy solutions evolved.