This week on Techpoint: Numbers don't lie

Here are some interesting numbers about banking in Nigeria:

Things i have learnt in Q1 2018 :
1) Less than 450k Nigerians use their cards online
2) Less than 1M Nigerians have more than 500k saved in their accounts
3) Over 70% of banked Nigerians have N5k or less in their accounts
..stay tuned @opeadeoye @asemota @adiaspeaks

— Mayowa Owolabi (@mayowaowolabi) February 27, 2018

So much for financial inclusion. It would appear that Nigeria is still largely a cash-based economy, heavily dependent on the informal sector. Is this perhaps a case of failure of the banking system?

This week on Techpoint

Inside the Innoson Vehicle Manufacturing plant in Nnewi, Anambra, as you have never seen it before.

VerveTree is a new tech hub set to launch in Ogun state.

Bootstrapping vs. Fundraising: Which is the way to go?

Let the best of tech news come to you

Join 30,000 subscribers who receive Techpoint Digest, a fun week-daily 5-minute roundup of happenings in African and global tech, directly in your inbox, hours before everyone else.

Digest Subscription

Email

First Name

JOIN FREE

Give it a try, you can unsubscribe anytime. Privacy Policy.

CAC moves to completely automate business registration nationwide. But can it pull it off ?

Nigeria’s ICT roadmaps and a litany of broken promises.