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.
Nigeria has failed to meet the 70 per cent financial inclusion target set for 2020, as 86 million adults were negatively affected by the COVID-19 pandemic. This was disclosed yesterday at a webinar organised by Enhancing Financial Innovation and Access (EFInA). In the new report titled, “EFInA Access to Financial
For the first time, more than half of Nigerian adults are using formal (regulated) financial services, according to newly published data from EFInA (Enhancing Financial Innovation & Access). The EFInA Access to Financial Services in Nigeria 2020 Survey shows that 51% of Nigerian adults are using formal financial services, such as bank, microfinance bank, mobile […]