Nearly 36% of Nigeria’s 106 million adults lack access to both regulated and unregulated financial services, according to the findings of the Enhancing Financial Innovations and Access (EFIA) study. In addition, while the findings do suggest a marginal drop in the percentage of financially excluded adults in the past few years, overall “the actual number of financially excluded adults increased from 36.6 million to 38.1 million.”
Population Growth Rate Faster Than Financial Inclusion Growth Rate
Additionally, the study findings show this number (financially excluded adults) rising to 52.5 million when not including those that gain access via the so-called informal or unregulated financial services.
Meanwhile, in its report, the EFIA attributes this mismatch (between the number of Nigerians that are unbanked (in percentage terms) and the actual number of excluded adults) to the population growth rate. In fact, according to EFIA, Nigeria’s population growth rate is currently outpacing “the rate of financial inclusion growth.”
On the other hand,