CBDC as an element of the fight against financial exclusion on the example of Nigeria
DOI:
https://doi.org/10.18559/ref.2025.2.2486Keywords:
CBDC, eNaira, financial exclusion, industry 4.0Abstract
The article examines the potential of central bank digital currency (CBDC) as a policy tool to reduce financial exclusion, with particular reference to Nigeria’s eNaira project. The study investigates whether implementing a CBDC can facilitate access to financial services and contribute to improving inclusion levels, especially in regions affected by persistent economic and technological disparities. Nigeria serves as a representative case due to its pioneering role among developing economies in introducing a national digital currency aimed at enhancing financial inclusion. The methodological framework is based on a critical literature review supported by both quantitative and qualitative evidence. The literature search covered 2018–2025 and included databases and sources such as Google Scholar, World Bank publications, central bank repositories, and peer-reviewed academic journals. The inclusion criteria encompassed studies addressing CBDC implementation, financial inclusion indicators, and digital infrastructure in Nigeria. The findings suggest that while CBDCs can enhance accessibility to financial services, their effectiveness depends on factors such as digital literacy, infrastructure quality, and public trust in digital financial systems. The case of the eNaira highlights both the opportunities and limitations of CBDC deployment in developing countries, offering valuable implications for policy design and financial innovation strategies.
JEL Classification
Monetary Systems • Standards • Regimes • Government and the Monetary System • Payment Systems (E42)
Central Banks and Their Policies (E58)
Banks • Depository Institutions • Micro Finance Institutions • Mortgages (G21)
Government Policy and Regulation (G38)
Africa (O55)
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