Government agencies and donors need to track the flow of funds in the economy to ensure that transfers payments reach their intended recipients and that underserved segments of the population are able to participate in financial inclusion programs.
The Central Bank of Nigeria (CBN) and the Nigeria Inter-Bank Settlement System Plc (NIBSS) requested a partnership with BFA to redesign their payments data infrastructure and better convert voluminous raw data into easily digestible insights, creating a so-called “data stack.”
The new data infrastructure will consist of:
The “data stack” will allow Nigerian authorities to guide supervision more effectively, assess financial inclusion, monitor competition, and generate richer open data sets for public and private use. Once the data is properly and securely housed, it will be made available to public and private stakeholders in the form of reports and dashboards that can be tailored to their particular requirements and preferences. Rich and interactive data visualizations will be included at the front end to facilitate analysis and decision making for each user.