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What is the new microfinance bank launched by Paystack?
Paystack's new microfinance bank is an independent financial institution that leverages its existing payment data to offer credit, deposits, and treasury services. This move marks a shift towards higher-margin financial products and aims to expand access to banking for Nigerian businesses and consumers.
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How will Nigeria's digital banking reforms impact financial inclusion?
The reforms, including the upcoming Open Banking framework, are designed to improve data sharing among financial institutions. This will make banking services more accessible, especially for small and medium-sized enterprises (SMEs) and underserved populations, helping to bridge Nigeria's $32 billion SME financing gap.
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What are the benefits of increased financial inclusion in Nigeria?
Greater financial inclusion means more Nigerians can access banking, credit, and digital payment services. This can lead to economic growth, job creation, and improved living standards, as more people participate in the formal economy and benefit from modern financial tools.
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How might Nigeria's banking reforms influence its economy in 2026?
By modernizing its financial sector and expanding access to banking services, Nigeria is positioning itself for economic growth. These reforms can attract more investment, support small businesses, and help stabilize the economy amid ongoing macroeconomic adjustments.
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What does Nigeria's digital banking push mean for global markets?
As Nigeria advances its digital banking sector, it could become a regional leader in fintech innovation. This may attract international investors and influence global financial markets, especially as Nigeria's economy continues to grow and integrate with the global financial system.