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

Tuesday, December 16, 2014

Findings from the EFInA access to financial services in Nigeria 2014 survey has revealed that 36.9 million adults, representing 39.5 per cent of the population are financially excluded.

This means that they have no access to financial services.

However, the report also showed that the number of Nigerian adults nationwide who are banked increased from 28.6 million (32.5 per cent of the adult population) in 2012 to 33.9 million (36.3 per cent of the adult
population) in 2014.

According to the Chief Executive Officer of EFInA, Ms. Modupe Ladipo, since EFInA started measuring financial access in 2008, the number of Nigerian adults with access to formal financial services (such as bank accounts, insurance, pensions, mobile money or microfinance bank products) has increased by 25 million.

That, according to her was larger than the entire population of many African countries.