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
Poverty is a direct consequence of financial exclusion
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
The absence of services that enable the poor plan for the future and protect themselves from the unplanned emergencies can result in total poverty
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
Countries with better developed financial intermediaries experience faster declines in both poverty and income inequality
Meanwhile, in Nigeria..
Achieving optimal level of financial inclusion in Nigeria means empowering 70% of the population living below poverty level and providing basic income for all.
Only 3 in 100 adults (3%) have mobile money accounts
Nearly 50% of Nigerians live in extreme poverty
41.6% of the Nigerian populace are completely financially excluded with North-East Nigeria having the highest financial exclusion rate of 68%
Only 47.5% Nigerians have access to financial services
41% of Nigerians do not save with their financial institutions
Only 37% Adults have a registered bank account
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