The EFInA Access to Financial Services in Nigeria 2020 Survey shows that while more Nigerian adults are financially included, National Financial Inclusion Strategy targets were not met.
Report: Nigeria Records 51% Financial Inclusion thisdaylive.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thisdaylive.com Daily Mail and Mail on Sunday newspapers.
In Nigeria, only 67.5 million (64%) of the 105.5 million adult population were financially included in the year 2020. This was disclosed in a report by Enhancing Financial Innovation & Access, tagged ‘New data from EFInA.‘
It stated that 36% of Nigerian adults, or 38 million adults, remained completely financially excluded at the end of 2020.
“Although financial inclusion has grown in the past decade, Nigeria fell short of the National Financial Inclusion Strategy targets for 2020. The country had aimed to reach 70% per cent of Nigerians with formal financial services by 2020; the actual figure was 51%.
The strategy also set targets for overall financial inclusion, which counts Nigerians that use either formal financial services or informal financial services that are not nationally regulated, such as savings groups.
38 million Nigerian adults financially excluded – Report punchng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from punchng.com Daily Mail and Mail on Sunday newspapers.