The Central Bank of Nigeria (CBN) has recorded progress in financial inclusion rate with 52 percent of adult Nigerians having formal bank accounts.
However, 32 percent of the population remains excluded from the formal financial system. At the Financial Literacy Fair commemorating the 2024 World Savings Day in Abuja, the CBN disclosed the strides and challenges in the nation’s financial inclusion landscape.
Ibrahim Yahaya, Acting Head of the Consumer Protection Department at CBN, said in 2023, 52 percent, or 54.2 million adult Nigerians have recognized bank accounts but an estimated 32 percent, or 33.9 million people, were excluded from the financial system entirely.
Yahaya further broke down the statistics, revealing that another five percent of the adult population falls within an “other formal” financial inclusion category, while 11 percent are informally included in the financial system.
Yahaya stressed the need to instill a culture of savings across all age groups, particularly among youths. He encouraged Nigerians, particularly the youth, to make saving a habit, regardless of the economic environment.
