Improving Financial Inclusion in Nigeria: A 2023 Report

A recent survey conducted by EFIna has revealed that a significant percentage of adult Nigerians now have access to financial services. The survey indicated that approximately 74% of adult Nigerians are now able to access financial services, a notable increase from the 2020 report that indicated a higher exclusion rate. This trend was further emphasized by Yemi Cardoso, Governor of the Central Bank of Nigeria (CBN), who called for a more concentrated effort in achieving a 95% financial inclusion rate.

During the launch of the Access to Financial Services in Nigeria (A2F) 2023 survey report in Lagos by EFIna, the governor, represented by Chibuike Nwaegerue, stressed the need for financial institutions to establish dedicated units within their organizations. He also emphasized the importance of addressing infrastructure challenges in underserved areas, such as broadband penetration and digital identification, in order to achieve significant economic goals through financial inclusion.

Over the past 15 years, there has been a notable increase in the proportion of formally served adults, rising from 24% in 2008 to 64% in 2023. Governor Cardoso highlighted the crucial role of formalization in supporting the conduct and transmission of monetary policy, expanding the reach of monetary policy, and influencing economic activity.

In addition to the aforementioned efforts, the Central Bank of Nigeria has recently issued a guideline on linking Tier 1 accounts to the Bank Verification Number (BVN) and National Identification Number (NIN) to enhance the security of the banking space for the financially excluded, as well as the broader economy.

Following the addresses by the governor and other stakeholders, the findings of the 2023 A2F Survey were presented, providing insights into financial inclusion in terms of access, usage, quality, and impact. The survey revealed a notable decline in the reliance on informal financial providers, as well as continued demographic gaps in financial inclusion despite overall growth in access.

The presentation also highlighted the efforts of the Capital Market in deepening financial inclusion and the significant strides made since 2015, as part of the ten-year Capital Market master plan with a specific focus on financial inclusion.

This survey offers an important insight into the progress of financial inclusion in Nigeria and highlights the need for continued efforts to address the remaining gaps. The commitment and dedication of stakeholders, as well as the initiatives undertaken by financial institutions and regulatory bodies, will be essential in furthering financial inclusion in the country.

In conclusion, the 2023 A2F Survey report serves as a valuable indicator of the advancements made in financial inclusion in Nigeria, while also shedding light on the areas that require further attention and improvement. The concerted efforts of both public and private sector stakeholders will be crucial in achieving the goal of comprehensive financial inclusion in the country.