Catch up on the Key Findings of the A2F 2020 Survey findings.
- Despite challenging economic circumstances, financial inclusion continued to grow incrementally, with more than half of Nigerian adults using formal (regulated) financial services for the first time.
- However, at the current rate of progress, the National Financial Inclusion Strategy targets for 2020 will not be met until around 2030.
- Stubborn access gaps have persisted since 2008 for the most excluded groups: women, Northern Nigerians, Nigerians in rural areas, and youth.
- The main barriers to financial inclusion remain institutional exclusion, affordability, access, and low awareness.
- In 2020, we saw faster growth in banking, use of financial service agents, and use of digital financial services.
- Use of informal financial services also grew, with many Nigerians continuing to use a combination of formal and informal financial services to meet their needs.
- Only about 1 in 4 Nigerian adults are considered financially healthy (27%), while 39% are coping and 34% are financially vulnerable.
- Growth in digital financial services, agent networks, and mobile phone ownership (now at 81%) highlights the opportunity to drive faster financial inclusion growth through digital financial services such as mobile money.