Nigeria’s formal financial inclusion grows to 64% in 2023, says EFinA report
The Access to Finance (A2F) survey report presented by Enhancing Financial Innovation and Access (EFInA) on December 13, 2023, at Eko Hotel, Lagos, revealed that despite challenging macroeconomic headwinds, Nigeria’s formal financial inclusion improved to 64% in 2023 from 56% recorded in 2020. The growth in financial inclusion in 2023 was majorly fueled by marginal growth in […]
45% of Nigerians use digital services – Report
The number of Nigerians that used digital services rose to 45 per cent in 2023 from 34 per cent in 2020. According to a report by EFInA released in Lagos, titled, ‘A2F 2023 Survey – Key, with the topic, ‘Unlocking insights to accelerate financial and economic inclusion’. “Forty-five per cent of Nigerians used digital financial […]
28.8m Nigerians From North Financially Excluded – Survey
No fewer than 28.8 million Nigerians, predominantly farmers and dependents, more likely to be females, and to live in rural areas in Northern Nigeria, are… No fewer than 28.8 million Nigerians, predominantly farmers and dependents, more likely to be females, and to live in rural areas in Northern Nigeria, are excluded from the financial system, […]
Financial Inclusion: CBN challenges stakeholders on infrastructure support
By Providence Ayanfeoluwa & Elizabeth Adegbesan Governor of Central Bank of Nigeria (CBN), Olayemi Cardoso, has said that stakeholders in the economy must, among other things, address the infrastructural issues in underserved areas to achieve economic growth through financial inclusion. Speaking at the unveiling of the Enhancing Financial Innovation and Access (EFiNA) survey report titled: “Unlocking […]
CBN directs banks to raise financial products quality
The Central Bank of Nigeria (CBN) has directed banks to raise the quality of their products and services to attract more people into the financial system. CBN Governor, Olayemi Cardoso, disclosed this at the release of the 2023 EFInA Access to Finance (A2F) Survey results in Lagos. He said: “As an ecosystem, we must redouble our efforts […]
EFinA Report: Nigeria’s Formal Financial Inclusion Grows to 64% in 2023
Download A2F 2023 Survey – Key Highlights: Unlocking Insights to Accelerate Financial and Economic Inclusion The Access to Finance (A2F) survey report presented by Enhancing Financial Innovation and Access (EFInA) on December 13, 2023, at Eko Hotel, Lagos, revealed that despite challenging macroeconomic headwinds, Nigeria’s formal financial inclusion improved to 64% in 2023 from 56% recorded in 2020. […]
Nigeria Increases Financial Inclusion But Still Far from Goal
By Emele Onu Nigeria has brought more of its citizens into the financial system but remains far from its goal of getting 95% of the population fully banked by 2024, according to a new report. The percentage of adult Nigerians with formal financial services — including bank accounts, insurance and mobile money — rose to 64% […]
CBN issues new directive to banks
The Central Bank of Nigeria (CBN) has directed banks to raise the quality of their products and services to attract more people into the financial system. CBN Governor, Olayemi Cardoso, disclosed this at the release of the 2023 EFInA Access to Finance (A2F) Survey results in Lagos. He said: “As an ecosystem, we must redouble […]
Nigeria’s Financial Inclusion Jumps to 64% in 2023
By Adedapo Adesanya Nigeria’s financial inclusion goal, which seeks to bring the unbanked into the financial system, hit 64 per cent in 2023 from the 56 per cent it reached in 2020. According to a new report from EFInA, a UK government-backed firm working to deepen financial inclusion, the country was able to bring more […]
New report shows wide disparity in financial inclusion
T he 2023 EFInA Access to Finance (A2F) Survey results launched in Lagos shows that the North has the least access to financial services. The report disclosed that exclusion from financial services continues to be most severe in Northern Nigeria, at 38 per cent in the Northeast and 47 per cent in the Northwest compared to only […]
