“Bank loan wahala too much. If I want ₦100,000, dem go say make I bring ₦30,000. If I dey start business afresh, where I go see ₦30,000?” – Lare.
Lare isn’t afraid of growth. She isn’t afraid of risk. She isn’t afraid of work. What she fears is a system that asks her to prove herself before she even has the chance to begin. For many like her, the door to credit isn’t locked; it’s just out of reach. The requirements feel designed for another world, another kind of income, another kind of life. 77% of Nigerians have never accessed a formal loan. Not because they lack ambition, but because the path to credit doesn’t reflect their reality.
Lare’s story reminds us that potential exists everywhere, but access does not. And until financial services meet people where they are, many dreams will remain waiting, and many Nigerians will still be left out of the formal financial system. Watch our latest episode on Inclusion for All Stories, where we spoke to Nigerians who have never borrowed from a formal financial institution.
