WHAT IS FINANCIAL INCLUSION?

Financial inclusion is a state in which adults have formal easy access to

a broad range of appropriate financial products, provided at affordable

cost and with dignity for the clients. These products include payments,

pensions, savings, credit and insurance.

Financial Inclusion in Nigeria Lags Behind Many African Countries

In 2010, about 64% of adults – roughly 55 million out of an adult population of 85 million – were not served by formal financial services. This figure compares to 36% in South Africa and 57% in Kenya.

On average, 82% of the population in the North is unbanked, compared to 59% of the population in the South of Nigeria.

Women are more disadvantaged with 53.5% of all women unbanked.

Rural Nigeria is disproportionately more excluded from financial services compared to urban Nigeria.

Source: WorldBank / CGAP, FinScope, EFInA, Access to Finance in Nigeria 2010 survey

Savings Account per 1000 with Commercial Banks in 2010

Kenya

Nigeria

Indonesia

South Africa

Mexico

Malaysia

381

461

505

839

1096

2063

Loan Accounts per 1000 with Commercial Banks

Source: WorldBank / CGAP, FinScope, EFInA, Access to Finance in Nigeria 2010 survey, CBN

Nigeria

Kenya

Indonesia

Mexico

Brazil

Malaysia

15

75

196

344

533

963

Source: WorldBank / CGAP, FinScope, EFInA, Access to Financial Services in Nigeria 2010 survey, GSMA

M-Payment Users in % of Adult Population

Nigeria

Mexico

Indonesia

Brazil

South Africa

Kenya

Malaysia

0

25

40

43

46

46

60

Nigeria

Kenya

Mexico

Malaysia

Brazil

South Africa

1

2

14

21

24

30

Estimated Share of Population Using Insurance in 2010 in %

Source: Swiss ReInsurance Company Ltd., Access to Finance in Nigeria 2010 survey

Estimated Proportion of Population Contributing Pensions in 2009 (%)

Source: EuroMonitor, BGL, Regulator reports, PENCOM

Nigeria

Brazil

China

Mexico

Argentina

South Africa

Chile

5%

6%

15%

24%

35%

37%

39%