Only 40% of Nigerian adults are banked — World Bank

by | Apr 23, 2018

The financial inclusion target of the Central Bank of Nigeria (CBN) seems farfetched as the World Bank has put the number of unbanked Nigerians adults at about 100 million.

According to The Global Findex Database 2017, only 40% of Nigerian adults have an account with a financial institution or a mobile money provider.

 

The report — which is the world’s most comprehensive dataset on how adults save, borrow, make payments, and manage risk — further revealed that Nigeria and six other countries contribute nearly half of the globe’s unbanked adult population of 1.7 billion, and 56% of that figure are women.

Advertisement

A larger share of those with a bank account in Nigeria have at one point or the other made and receive digital payment within the last year, and debit card ownership is still less than 40% of the population.

The new World Bank report questions the Financial Inclusion Insights that put financial inclusion in Nigeria at  35% in 2016. We can attribute the large discrepancy to the fact that the global banking institute made use of face-to-face interview methodology to arrive at the figures presented in the report.

Pointers for CBN and other players in the financial inclusion drive from the report is that 19% of the interviewed correspondents claimed they don’t own bank account because financial institutions are too far away and 13% maintained that financial services are too expensive.

Other listed barriers include lack of trust in the financial institutions, documentation required, religious reasons among others. The report also has it that unbanked adults are more likely to have low educational attainment.

Yinka Awosanya
Yinka Awosanya

Mobile & African Tech Enthusiast │ Data Analyst │ Music

Advertisement


Are you in tech and you are looking at getting a foreign remote job or you want to move abroad? Fill this form and you will get the BEST resources to help you get that high paying remote job as well as japa easily! WAGMI!

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Recent News

TABS is tomorrow! 💃 💃

TABS is tomorrow! 💃 💃

On #TechpointDigest, we discuss Victory Farms’ $5m investment, Netflix for kids and people with disabilities, and TikTok’s plan to credit creators.

TikTok on a “Branded Mission”

TikTok on a “Branded Mission”

On #TechpointDigest, we discuss Autochek’s new acquisition, TikTok’s Branded Mission, Bamba’s $3.2 million seed, and Jumia’s report for Q1 2022.

[PODCAST] Tax evasion in Nigeria to get harder

[PODCAST] Tax evasion in Nigeria to get harder

Using data mining and machine learning, Nigeria’s Federal Inland Revenue Service plans to make it harder to evade taxes. Listen to today’s episode of #TechpointAfricaPodcast to learn how it plans to do that.

Subscribe to Techpoint Digest!

A daily 5-minute roundup of happenings in African and global tech, sent directly to your email inbox, between 5 a.m. and 7 a.m (WAT) every week day!

Please check your email to confirm your subscription.

Subscribe to Blockchain Explorer

Analysis oninnovation, regulations, and trends inthe blockchain sector, as it concerns Africa

Please check your email to confirm your subscription.

Subscribe to The Experts

A bi-weekly where tech career specialists take us on their journey from newbie to expert, and how they became successful in the industry.

Please check your email to confirm your subscription.

Subscribe to Founder's Table

A monthly series, where we catch up with founders in the startup ecosystem, learn about their failures, successes and a few tricks of the trade

Please check your email to confirm your subscription.

Copy link
Powered by Social Snap