Formal financial inclusion in Nigeria soars to 64%, driven by non-banking channels” – Report
EFInA Access to Finance (A2F) Survey report has said that the formal financial inclusion in Nigeria has grown significantly from 56% in 2020 to 64% in 2023, according to the 2023. Oluwatomi Eromosele, General Manager, EFInA while presenting the results of the survey in Lagos said the methodology for the 2023 survey has been updated […]
Nigeria’s economy on life support as number of financially distressed adults rise to 74%
The number of severely financially distressed adults in Nigeria has surged to a staggering 74%, marking a concerning escalation from 62% reported in 2020. This revelation surfaced from the recent Enhancing Financial Innovation and Access (EFInA) 2023 Access to Financial Services (A2F) Survey. The survey, attended by key figures from the Central Bank of Nigeria, […]
NFIS: CBN targets rural areas, MSMEs as financially-included adult population hits 64 per cent
The Central Bank of Nigeria (CBN) has said that notwithstanding the progress made in the financial inclusion drive, some demographics and areas such as women, youth, micro, small and medium enterprises (MSMEs) as well as rural communities in the Northern region remain disproportionately excluded. CBN Governor, Olayemi Cardoso, stated this at the Enhancing Financial Innovation […]
Financial Inclusion Rises to 74% in Nigeria, CBN Governor Calls for Continued Innovation
Nigeria’s financial inclusion rose to 74% in 2023, according to the latest Access to Finance Report launched by the non-governmental organization Enhancing Financial Inclusion and Access. The report, unveiled at an event in Lagos, reflects a positive trend in expanding the financial services ecosystem within the country. The Central Bank of Nigeria (CBN) governor, Dr. […]
‘74% of Nigerians access financial services as CBN targets 95% inclusion
Financial inclusion broadens the reach of monetary policy by increasing the number of individuals and businesses participating in the formal financial system A new financial inclusion survey by EFIna has shown that nearly 3 in 5 adult Nigerians or 74 percent have access to financial services, compared to the 2020 report which showed that more […]
Digital service adoption lifts Nigeria’s financial inclusion to 64% — Survey
Cynthia Ezekwe A new survey report from Enhancing Financial Innovation & Access (EFInA), a financial sector deepening (FSD) organisation, shows that formal financial inclusion in Nigeria has risen about 8 per cent, growing from 56 per cent in 2020 to 64 per cent in 2023. According to the survey, the growth in financial inclusion is […]
Cardoso: Financial Inclusion Key to Building Inclusive, Sustainable Economy
Governor of Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has said that financial inclusion is essential for building an inclusive and sustainable economy. He stated this at the launch of the Enhancing Financial Innovation and Access’ (EFInA) 2023 Access to Financial Services in Nigeria (A2F) survey findings in Lagos on Wednesday. According to the […]
Cardoso Advocates Special Financial Inclusion Units As Rate Rises To 74%
The Central Bank of Nigeria (CBN) has called for the setting up of special units dedicated to financial inclusion in institutions even as the percentage of Nigerians captured in the financial sector has risen to 74 per cent. According to the Enhancing Financial Innovation and Access (EFInA) latest Access to Financial Services in Nigeria 2023 […]
Financial Inclusion Reaches 64%- EFInA Survey Reveals
The Enhancing Financial Innovation and Access (EFInA) says the percentage of adults who use regulated financial services in Nigeria has increased from 56 per cent in 2020 to 64 per cent in 2023. Dr Oluwatobi Eromosele, General Manager/ A2F Research Lead, EFInA, disclosed this while presenting Access to Financial Services in Nigeria (A2F) 2023 survey […]
CBN Chief Cardoso Seeks Banks’ Commitment To Drive Financial Inclusion
“To achieve the target of 95 per cent financial inclusion, we must all move from collaboration to concrete commitment.” The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has issued a call to action for all stakeholders, specifically financial institutions, for more commitment to enhance Nigeria’s financial inclusion goals. Cardoso, made the […]
