Imagine a Nigeria where all adult NIN holders are banked
The progress recorded by NIMC for NIN (National Identity Number) enrolment in the past two years makes one wonder what it could mean for financial inclusion targets. Imagine a situation where an individual is automatically signed up for a mobile wallet or bank account at the point of NIN enrolment; that would easily translate to […]
Nigerian Naira Redesign: Informal Groups in a Cashless Economy – The Trust Quotient
A lack of trust in the financial system is a recurring and critical barrier to financial Inclusion. On Episode 8 of Inclusion for all radio, Chinasa Collins-Ogbuo – podcast host and Head of Financial Inclusion for all Initiative, is joined by Titilola Feyijimi – Chief Operating Officer at Ajo Card, an indigenous digital financial platform […]
The Nigerian Naira Redesign Series: Effectiveness of the CBN Cash Swap Initiative for Rural Areas
We are concerned about the effectiveness of the CBN Cash Swap initiative due to factors such as the uneven distribution and coverage of agent networks particularly in rural areas. In Episode 7 of the Naira Redesign Series on Inclusion for All Radio, our podcast host Chinasa Collins-Ogbuo is joined by Victor Olojo – President, Association […]
The Nigerian Naira Redesign Series: Enabling Financial Inclusion Or Extenuating Financial Exclusion?
On Episode 7 of Inclusion for all radio, Chinasa Collins-Ogbuo – podcast host and Head, of Inclusion for all Initiative; is joined by Professor Olayinka David- West, the Associate Dean of the Lagos Business School (LBS) in Nigeria where she leads the Sustainable and Inclusive Digital Financial Services (SIDFS) initiative, a research, advocacy, and capacity […]
Snapshot: Naira Redesign Impact
Sub-Saharan Africa’s unbanked adults (2021)
According to the Findex 2021 report, 105 million adults in sub-Saharan Africa are unbanked and do not have a means of identification – Nigeria is home to over 60% of them with 64 million still unbanked. At Inclusion for All Initiative , we know that ID ownership is a key enabler for financial inclusion because […]
Nigerian women financially excluded (2020)
In Nigeria, 21.3 million women are financially excluded (81% are not aware of formal financial access points close to their homes). Of these women, nearly half (23.9 million) use formal financial services. 39.1% (20.9 million) women have a bank account, and over 6 million of the total 21.3 million women who are financially excluded live in rural areas.
Global unbanked adults (2021)
Globally, 1.4 billion adults are unbanked, and 38 million Nigerian adults living in rural communities are among the 7 countries that make up half of the world’s unbanked population.
Nigeria’s formally included populations (2020)
53.6 million Nigerian adults (50.5%) are using formal financial services such as banks, microfinance banks, mobile money, insurance or pension accounts out of 106 million adults. 47.6 million (44.8%) of these Nigerian adults are banked, while 6.0 million (5.7%) use other formal financial services. We know that using data can impact and drive financial inclusion […]
Financial inclusion barriers in Nigeria
Rates are primarily centred around awareness, access, and affordability. These are factors that would accelerate the rate of inclusion if the appropriate measures are taken to foster them. However, key findings from EFInA A2F 2020 data project that at the current rate of progress, the National Financial Inclusion strategy targets will not be met until […]
