About 35 Million Nigerians Lack Access to Formal Financial Services – Survey

Enhancing Financial Innovation & Access (EFInA), a leading financial sector development organisation which is promoting financial inclusion in Nigeria, has reported that 34.9 million Nigerians representing 39.7 per cent of the adult population are financially excluded.

The information was contained in the results of its Access to Financial Services in Nigeria 2012 survey and made public at its innovation forum entitled, “From Data to Action: Making Financial Inclusion Real in Nigeria,” in Lagos recently. The survey among other things, aims to measure trends in access and usage of financial services in Nigeria from 2008 to 2012 and to establish credible benchmarks and indicators of financial penetration in Nigeria.

Therefore, according to the survey, only 37.8 million Nigerians, representing 43.0 per cent of the adult population have access to and/or use formal financial services; while 34.9 million Nigerians representing 39.7 per cent of the adult population are financially excluded.

According to the Chief Executive Officer, Ms. Modupe Ladipo, the good news is that between 2008 and 2012, the number of adults that were financially excluded decreased by 10.5 million. Keynote speakers at the forum were Mallam Sanusi Lamido Sanusi, governor Central Bank of Nigeria (CBN) and Commissioner for Insurance, National Insurance Commission (NAICOM), Mr Fola Daniel. Business Development Manager for Africa, MicroEnsure, Mr Peter Gross was the international guest speaker.

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cbn, EFInA, MicroEnsure, NAICOM

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