A survey carried out by Enhancing Financial Innovation & Access (EFInA) Access to Financial Services in Nigeria in 2014 revealed that 2.6 million Nigerian adults representing 2.8 percent, currently have a microfinance bank account.
Further findings showed that an additional 31.5 million adults said that they would like to have a microfinance bank account, EFInA revealed at a Financial Inclusion Conference in Lagos.
The survey finds that the number of Nigerian adults who are banked increased from 28.6 million (32.5 percent) in 2012 to 33.9 million (36.3 percent) in 2014. However, 36.9 million adults, representing 39.5 percent of the adult population, are financially excluded, meaning that they have no access to financial services.
Also, mobile money awareness and usage remains low; 11.9 million adults (12.7 percent of the adult population) are aware of mobile money, and only 800,000 Nigerian adults (0.8 percent of the adult population) currently use mobile money, while uptake of insurance is also low, with one million adults (1.1 percent of the adult population) using insurance, although 14.3 million adults said that they would be interested in microinsurance products.
In a statement, Chief Executive Officer, EFInA, Ms. Modupe Ladipo, said, “Since EFInA started measuring financial access in 2008, the number of Nigerian adults with access to formal financial services has increased by 25 million.”
SOURCE: Vanguard (Nigeria)
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