Results from a total demographic study carried out by the Enhancing Financial Innovation and Access has shown that from a sample of 93.5 million Nigerian adults, only 33.9 million are banked.
According to the EFIA findings, the other 59.6 million adults are either financially excluded or are served by informal financial channels like savings club/pool, esusu, ajo or moneylenders as well as remittances through informal channels such as transport services and recharge cards.
“Essentially, this means that approximately, only one in five Nigerian adults have a bank account, with approximately one bank branch and one Automated Teller Machine for every 10,000 people,” the EFIA stated in its report.
According to the EFIA findings, the other 59.6 million adults are either financially excluded or are served by informal financial channels like savings club/pool, esusu, ajo or moneylenders as well as remittances through informal channels such as transport services and recharge cards.
“Essentially, this means that approximately, only one in five Nigerian adults have a bank account, with approximately one bank branch and one Automated Teller Machine for every 10,000 people,” the EFIA stated in its report.
