A report from World Bank has revealed that from FINDEX research carried out in 2017, roughly 60 million Nigerians are unbanked. That is roughly 60 million Nigerians who are old enough to have a bank account so actually. In other words, about 60 million people don’t actually have access to financial services.
Out of a total of 1.7 billion people who don’t have any bank account, 64 million are in Nigeria even though a large percentage of these people actually have access to financial and banking services.
The problem here is, these people are excluded from the whole noise about the benefits of financial inclusion. They can’t save, they can’t access loans and they are unable to really prepare for emergencies. But who will blame them anyway? Recently, Nigeria got kicked to the very top of the list of poorest nations. With almost half of it’s population living in extreme poverty, these people don’t even have the money to open an account and maintain it. Most people in Nigeria live below $1 a day and can hardly save.
Also in the report, more men own bank accounts than women and more bank accounts are found the name of the rich. That is richer people are twice likely to own at least one bank account than poor people.
However with all the efforts made by Nigerian banks to digitalize banking and make it easier for people to open and maintain accounts without stress, it is hoped that the figures will change to favour Nigeria.
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