NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Tuesday, December 16, 2014

A survey carried out by Enhancing Financial Innovation & Access (EFInA) Access to Financial Services in Nigeria in 2014 revealed that 2.6 million Nigerian adults representing 2.8 percent, currently have a microfinance bank account.

Further findings showed that an additional 31.5 million adults said that they would like to have a microfinance bank account, EFInA revealed at a Financial Inclusion Conference in Lagos.

The survey finds that the number of Nigerian adults who are banked increased from 28.6 million (32.5 percent) in 2012 to 33.9 million (36.3 percent) in 2014. However, 36.9 million adults, representing 39.5 percent of the adult population, are financially excluded, meaning that they have no access to financial services.