October 5

Analysis: Only 9% of Nigerian Households Obtained Loans From Banks and Microfinance Institutions Since March – National Bureau of Statistics

Research from the National Longitudinal Phone Survey (NLPS), titled ‘COVID-19 Impact Monitoring’, which was conducted by the National Bureau of Statistics (NBS) has revealed that only 9% of Nigerian households obtained loans from banks and microfinance institutions between March to August 2020.

According to the survey, loans taken since mid-March have been predominately informal in nature, with over 55% obtained from friends or relatives. In addition, loans obtained from formal sources were lower with only 9% of respondents obtaining loans from banks and microfinance institutions, while a further 16% of the respondents obtained loans from cooperatives and savings associations.

Photo courtesy of Joslyn Pickens.  

Source: Nairametrics (link opens in a new window)

Coronavirus, Finance
financial inclusion, microfinance