Monday
December 18
2023

Report: Nigeria Increases Financial Inclusion But Still Far from Goal

By Emele Onu

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)

Categories
Finance
Tags
digital finance, financial inclusion, lending, mobile finance