Focus on Financial Inclusion

The World Bank Group considers financial inclusion a key enabler to reduce extreme poverty and boost shared prosperity. Access to financial services empower poor people to capture opportunities and build resilience.

How access to financial services impacts poverty

1

Poverty is a direct consequence of financial exclusion

2

Access to and use of basic financial services like savings, payments, loans and insurance helps the poor to move out of poverty by economically and socially empowering them

3

The absence of services that enable the poor plan for the future and protect themselves from the unplanned emergencies can result in total poverty

4

Access to financial services enables the poor to fight the various dimensions of poverty, make improvement in their lives and provides momentum for growth and development

5

Countries with better developed financial intermediaries experience faster declines in both poverty and income inequality

Meanwhile, in Nigeria..

70%

Achieving optimal level of financial inclusion in Nigeria means empowering 70% of the population living below poverty level and providing basic income for all.

3%

Only 3 in 100 adults (3%) have mobile money accounts

50%

Nearly 50% of Nigerians live in extreme poverty

41.6%

41.6% of the Nigerian populace are completely financially excluded with North-East Nigeria having the highest financial exclusion rate of 68%

47.5%

Only 47.5% Nigerians have access to financial services

41%

41% of Nigerians do not save with their financial institutions

37%

Only 37% Adults have a registered bank account

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