India has 80 % formal financial inclusion, measured by the percentage of Indians with formal financial account despite the vastness of its territory and a population of 1.4 billion people. The comparable statistics in Nigeria is 51% measured by those with formal financial accounts from the most recent EFINA study in 2020.
Millions of informal MSMEs on the streets of India because of the Indian UID , which enabled them to have a no frill financial account, can now receive QR payments which has become near ubiquitous all over India.
The key take out here is that there is a complementary nexus for coordination with regards to inclusive internet access, inclusive digital identity and financial inclusion. These areas need deliberate policy and program coordination for sector complementarities including public-private sector partnerships for amplified social and market returns.
Transactions that are typically low value on the Indian UPI are free which is also an attraction for its massive adoption for micro digital payments by consumers and micro-merchants.
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Source: LeadershipNGA - 🏆 4. / 77 Read more »