Financial Literacy an Imperative for Inclusion in Nigeria

Thursday, March 13, 2014

As the world celebrates the Global Money Week, more emphasis is being placed on increasing financial inclusion and literacy in Nigeria.

The Central Bank of Nigeria (CBN) along with players, stakeholders as well as regulators in the financial system have made financial literacy the goal of this year’s celebration.

A 2010 survey by Enhancing Financial Innovation and Access (EFInA) shows that 36 per cent of the adult population in Nigeria have access to formal financial services.

This means only an estimated 27 million out of 85 million Nigerians above the age of 18 are served by formal financial service institutions.

Source: Leadership Nigeria (link opens in a new window)

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branchless banking, financial capability, financial inclusion, mobile money, unbanked