Internet Penetration Grew to About 43.3% in 2020

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Friday, March 12, 2021 / 08:12 AM / by Dr Segun Aina / Header Image Credit: Africa Fintech Network


Being Opening Remarks by Dr Segun Aina, Chairman of the Bullion Lecture 2021 held on Thursday 11th March 2021.


 

Highlights:


  1. Internet penetration has gained some ground in Nigeria prior to the COVID-19 pandemic with 33% penetration at the end of 2019 which according to available data grew by 10% to about 43.3% by end of 2020.
  2. The COVID-19 pandemic and the attendant disruptions, restrictions and lockdown brought home the need for deeper broadband penetration.
  3. Availability of uninterrupted, affordable internet connections and facilities is a big enabler of financial inclusion as traditional brick and mortar in-person financial services is giving way to digital banking and online delivery of financial services.
  4. Poor in-country distribution of fibre-optic infrastructure are a major setback to deeper penetration into the interior and rural parts of the country.
  5. A financially literate populace is one that can add value to the economy. According to International Telecommunication Union (ITU) -GSR20 Discussion Paper of August 2020, it was revealed that in Africa, 10% of mobile broadband penetration led to 2.46% in per capita Gross Domestic Product (GDP) with a world average being 1.50%.


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Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd. 

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