Financial inclusion in Nigeria has risen to 79 per cent, according to the latest Access to Financial Services in Nigeria, A2F, Survey released by Enhancing Financial Inclusion and Advancement, EFInA.
The ninth edition of the survey found that 79 per cent of Nigerian adults use at least one financial product or service, while formal financial inclusion increased to 73 per cent.
The figure exceeds the 70 per cent target established under the National Financial Inclusion Strategy.
EFInA Board Chair, Dr Agnes Olatokunbo Martins, said the survey provides insight into the experiences behind administrative data, stressing that financial needs vary according to factors such as income, gender, location and age.
She warned against developing financial policies and products around an assumed average consumer.
In a keynote address delivered on behalf of the CBN Governor, Olayemi Cardoso, Dr Aisha Isa-Olatinwo said the findings of the survey were important for policymaking.
Cardoso said the focus of financial inclusion should now go beyond simply opening accounts or increasing access points to ensuring affordability, reliability, safety, trust, meaningful usage and improvements in people’s financial wellbeing.
EFInA Chief Executive Officer, Foyinsolami Akinjayeju, disclosed that the use of digital financial services had increased to 64.4 per cent of adults, compared with 45 per cent previously.
She also said three out of every four Nigerians are not financially healthy and called for financial inclusion targets to measure impact in addition to access.
Source: Vanguard
