December 18

Report: Nigeria Increases Financial Inclusion But Still Far from Goal

Nigeria has brought more of its citizens into the financial system but remains far from its goal of getting 95% of the population fully banked by 2024, according to a new report.

The percentage of adult Nigerians with formal financial services — including bank accounts, insurance and mobile money — rose to 64% in 2023 from 56% in 2020, according to EFInA, a UK government-backed firm working to deepen financial inclusion in the West African country. But just 52% have a bank account, and more comprehensive adoption is hampered by widespread poverty in Africa’s most populous country.

Photo courtesy of Joslyn Pickens.

Source: Bloomberg (link opens in a new window)

digital finance, financial inclusion, lending, mobile finance