- 64% adults have formal financial service vs 95% target by 2024
- Poverty is main reason for financial exclusion, EFInA says
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% in 2023 from 56% in 2020, according to EFInA, a UK government-backed firm working to deepen financial inclusion in the West African country. But just 52% have a bank account, and more comprehensive adoption is hampered by widespread