Over 30m Nigerians financially excluded – NESG

The Nigerian Economic Summit Group (NESG) has advocated a more effective approach in Nigeria’s financial inclusion drive as over 30 million of the country’s population is financially excluded.

The NESG stated this in a webinar it organised yesterday with the theme, ‘Enhancing the Banking and Payments System for Effective Financial Inclusion’. 

An NESG board member, Mr Lanre Akinbo, highlighted Nigeria’s complex financial landscape, saying “With a population of 220 million (2021) and a vast network of financial institutions—comprising 33 deposit money banks, 887 microfinance banks, and 291 active fintech startups—the country’s financial services ecosystem is expanding rapidly. 

“Despite these advancements, cash remains the predominant means of transaction, especially in informal sectors which is why financial inclusion is essential for improving economic access and reducing poverty and inequality.”  

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Technical Adviser to the President on Development Finance and Financial Inclusion, Dr Nurudeen Abubakar Zauro, in his address, emphasised the urgency for stakeholders to collaborate on fostering inclusive growth and addressing Nigeria’s pressing economic needs. 

He added, “Over 30 million Nigerians remain financially excluded, and only 6% of MSMEs have access to financial credit, despite their importance to the economy.”

 Also, the National President of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), Mr Fasasi Sarafadeen Atanda, said mobile platforms have transformed financial transactions, adding that the association has put in place measures to tackle increasing fraud.