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.
The bank disclosed this and other challenges mitigating against the enhancement of financial inclusion landscape at the Financial Literacy Fair commemorating the 2024 World Savings Day in Abuja.
Ibrahim Yahaya, Acting Head of the Consumer Protection Department at CBN, who spoke on behalf of the Bank said in 2023, 52 percent, or 54.2 million adult Nigerians have recognised bank accounts but an estimated 32 percent, or 33.9 million people, were excluded from the financial system entirely.
Mr 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.
He stressed the need to instill a culture of savings across all age groups, particularly among youths.
To emphasise the importance of savings from an early age, school children were invited to participate in the World Savings Day event.
Yahaya noted that cultivating a habit of saving, even in small amounts, is crucial to preparing for life’s uncertainties. “Life is full of journeys,” he added, “and having savings provides a safety net for any issues that may arise. It’s essential to have a fallback in case of those eventualities.”
The CBN official also linked the practice of saving to broader economic benefits, noting that savings contribute to bank deposits, which in turn fuel lending to the real sector, a driver of economic growth. “What we have as deposits is what the banks use to lend out, especially to the real sector, which drives economic growth,” Yahaya said.
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