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EFInA Report says 51% of Nigerian Adults have Access to Financial Services
Efforts by the Central Bank of Nigeria to drive financial inclusion across the nation is yielding result, as over 50 percent of Nigerian adults are using formal (regulated) financial services.
This was disclosed during Enhancing Financial Innovation and Access, EFInA’s, Access to Financial Services in Nigeria 2020 Survey launch yesterday.
The survey shows that, while more Nigerian adults are financially included, National Financial Inclusion Strategy targets were not met.
The survey also indicated that growth in digital financial services and agent banking highlights opportunities to drive faster progress toward financial inclusion, particularly for excluded groups such as women, rural and Northern Nigerians.
According to the survey, “51 percent of Nigerian adults are using formal financial services, such as bank, microfinance bank, mobile money, insurance, or pension accounts, up from 49 percent in 2018.
“This has largely been driven by growth in banking, with 45 percent of Nigerians banked in 2020, up from 40 percent in 2018.
“Although financial inclusion has grown in the past decade, Nigeria fell short of the National Financial Inclusion Strategy targets for 2020.
“Nigeria had aimed to reach 70 percent of Nigerians with formal financial services by 2020; the actual figure was 51 percent.
“The strategy also set targets for overall financial inclusion, which counts Nigerians that use either formal financial services or informal financial services that are not nationally regulated, such as savings groups.”
Speaking during the launch, Aishah Ahmad, the Deputy Governor, Financial Systems Stability (FSS), CBN, stated that “financial inclusion … is a strong lever for bridging income inequality, combating poverty and preserving social harmony.
“The CBN has accordingly been at the forefront of the efforts to drive financial inclusion in Nigeria by championing the development & implementation of Nigeria’s National Financial Inclusion Strategy led by the CBN Governor.”
Ahmad who doubled as Chair of the Financial Inclusion Technical Committee noted that, “Despite progress achieved to date, critical groups remained excluded including women, rural dwellers and citizens in the northern area.
“To address the issue with women, CBN launched a Framework for Advancing Women’s Financial Inclusion in Nigeria in 2020 and is leading the industry to implement the framework, which we expect to lead to significant increase in women financial inclusion in Nigeria.”
On his part, Ashley Immanuel, the Chief Executive Officer, EFInA, said, “At our current rate of progress, we will not reach the 2020 financial inclusion targets until around 2030. However, we can reach these targets much faster if we follow paths taken by other African countries that have seen rapid financial inclusion growth due to mobile money.
“EFInA’s Access to Financial Services in Nigeria Surveys show that use of digital financial services and agent networks started to grow significantly between 2018 and 2020.
“Phone ownership has also increased, with 81% of Nigerians now owning mobile phones. Now is the time to build on this initial progress and drive faster financial inclusion growth through digital financial services such as mobile money.
“We can do this by creating an open and level playing field for a wide range of providers, creating the right environment for fintech to thrive, and encouraging partnerships between different providers.”
Gail Warrander, Economic Development Team Leader, Nigeria for the UK’s Foreign, Commonwealth & Development Office, remarked that “The EFInA Access to Financial Services in Nigeria 2020 Survey shows that Nigeria has made progress on financial inclusion but there’s still a way to go.
“The report models how the journey to the financial inclusion goal can be speeded up by encouraging the scale up of mobile money. I firmly believe that the majority of those excluded, especially women and youth, could then enjoy the convenience of financial services, including using remote payments systems. This survey is full of rich data for policy makers, development partners and financial services companies to use.”
Questions have been mounting over the House of Representatives threat to order the arrest of the Director-General of the National Identity Management Commission (NIMC), Mrs. Bisoye Coker-Odusote for failure to appear before it to answer charges on refusal to pay for a state-of-the-art software development project executed by a private company, Truid Limited, for NIMC.
The House of Representatives Committee on Public Petitions had invited the NIMC DG, Mrs. Coker-Odusote, to appear before it to explain the commission’s failure to pay for the state-of-the art software development project executed by the private company, Truid Limited for NIMC. However, the NIMC DG has repeatedly failed to honour the committee’s invitation in person.
The Committee’s Chairman, Honourable Mike Etaba, who was angered by the NIMC DG, Mrs. Coker-Odusote’s failure to appear before the committee to personally answer charges on the matter after repeated invitations, last month, issued a stern warning to order the Inspector-General of Police, to arrest the NIMC DG, Mrs. Coker-Odusote if she refused to appear before the committee at its next hearing, which was fixed for March 13, 2025.
However, it has been over two weeks after the Committee’s sitting of March 13, 2025; yet, there are no indications that the NIMC DG, Mrs. Coker-Odusote, honoured the committee’s invitation by personally appearing before it. The committee also appears to have failed to order the IGP to arrest her, leading to many raising questions over the seriousness of the committee to execute its threats. Others wonder why the chief executive of a government agency would refuse to personally appear before the House of Representatives to answer charges on a petition regarding the agency’s activities.
During its sitting of February 11, 2025 the House of Representatives Committee on Public Petitions threatened to order the arrest of the Director-General and Chief Executive Officer of Nigerian Identity Management Commission (NIMC), Bisoye Coker-Odusote.
The committee said it would actualise the threat if Mrs. Coker-Odusote failed to come in person to answer charges on her refusal to pay for the state-of-the-art software development project.
Chairman of the committee, Mike Etaba, frowned at the continuous absence of the NIMC director-general despite several invitations.
In a statement by the Media Head, Public Petitions Committee of the House of Representatives, Chooks Oko, the Chairman of the Committee stated: “If she fails to show up at the next hearing of this case, we’ll have no option than to ask the Inspector-General of Police to bring her.
“How can an official of government treat constituted authority with such levity? We can no longer condone such attitude,” he said.
The News Agency of Nigeria (NAN) reports that the project was installed and deployed to the commission by a private firm, Truid Limited, which was alleging a breach of licence agreement by NIMC.
The statement added that the private company, Truid Limited, which executed the state-of-the-art software development project, is alleging a breach of licence agreement by NIMC, noting that E. R. Opara, counsel to Truid Limited, stated that the contract is premised on an arrangement whereby the Truid Limited funded, developed and deployed the “tokenization system project” without any financial obligation from NIMC.
According to E. R. Opara, counsel to Truid Limited, the agreement is premised on an arrangement that the project would be funded by the firm.
“Truid Ltd was to get returns on her investment through patronage of service providers and the proceeds shared on an agreed ratio. This was to run for an initial period of 10 years, from 2021 when the software was deployed,” Opara said.
According to the petition, things were going smoothly until the appointment of the new DG of NIMC, Mrs. Coker-Odusote, who has been trying to truncate the agreement.
When contacted to comment on whether or not the DG NIMC has personally appeared before the committee, Chairman of the House of Representatives Committee on Public Petitions, Honourable Mike Etaba said: “For now, that matter has been stepped down!”
Honourable Etaba explained further why the matter was stepped down: “We are now taking that case on an Alternative Dispute Resolution (ADR) route. That’s where the matter is now,” he said, adding, “the Committee is silent on it (the matter) until they give us the report of the ADR. That is when we will know what next to do.”
Asked when the ADR resolution he mentioned is meant to be concluded, Honourable Etaba stated: “I can’t say for now how and when the ADR will come up. That’s the situation of the case for now.”
The Lagos State Governor, His Excellency Babajide Sanwo-Olu has commended Africa’s leading e-commerce platform, Jumia Nigeria, for its giant strides and in the growth of the country’s e-commerce sector, as well as its unique contributions to its economic development.
He said that Jumia has earned its place as a major brand, with its growth and trajectory in the country’s e-commerce ecosystem over the years which, he said, has made it a household name. He urged the company to not only strive to maintain its excellent service standards, but to also work towards improving them.
The Governor who was speaking during a courtesy visit by the management of Jumia Nigeria to the State House in Marina on Thursday March 27, reaffirmed the strategic importance of the company in the economic development of Lagos State and Nigeria, especially in job creation.
He restated his administration’s commitment in ensuring that Lagos State remains environmentally friendly for businesses to grow.
“Our administration has always prioritized creating an enabling environment for businesses to thrive. Through various initiatives, we have strengthened the ease of doing business, and fostered innovation to drive economic growth, and we will continue to support businesses and create opportunities that will aid in their growth”, Sanwo-Olu said.
Governor Sanwo-Olu said that the Lagos State Government remains open to collaborations with the private sector to enhance service delivery, infrastructure development, and create opportunities for residents, with the aim of building a resilient and sustainable future.
He said the administration recognises the importance of working with the private sector to achieve its goals of improving the lives of its citizens.
Speaking also, the Chief Executive Officer of Jumia Nigeria, Sunil Natraj, thanked the governor for creating an enabling environment in the state for businesses like Jumia to grow. He stated Jumia’s commitment to contributing towards the growth and development of the state, and the country.
Natraj said the company has made tremendous strides from its early days as a tech start-up in Lagos and has grown to become the number one e-commerce platform in Nigeria, with a presence in nine African countries. He said the company presently employs hundreds of Nigerians directly, and thousands more indirectly as independent sales agents and partners.
He restated Jumia Nigeria’s commitment to providing excellent service, focusing on delivering exceptional value and fostering long-term relationships with its customers around the country.
Among other things, he said the company is actively working to enhance customer experience, aiming to simplify the e-commerce process, making it easier for customers to navigate and shop online.
According to him, Jumia aims to transform everyday life in Africa by making it easier for consumers to access goods and services conveniently and affordably, adding that the company is focused on expanding access to retail across the country.
Nigerian National Petroleum Company (NNPC) Limited has announced its readiness for the capital market with an Initial Public Offer (IPO) now in the final stage.
Mr. Olugbenga Oluwaniyi, chief finance and investor relations officer (CFIO), NNPC, stated this at a consultative meeting with partners at the NNPC Towers, Abuja, on Thursday.
He said the move aligned with the provisions of the Petroleum Industry Act, 2021.
He said NNPCL was currently engaging with prospective partners in an exercise tagged: “NNPC Ltd. IPO Beauty Parade” in line with capital market regulations before the commencement of the IPO.
According to the CFIO, the aim of the IPO Beauty Parade is to assess potential partners and determine in what ways they could be of support to the company.
He listed the areas of partnership required to include Investor Relations, IPO Readiness Advisors, and Investment Bank Partners.
He said the company with the best offer in terms of project partnership would be selected for each of the three categories.
The PIA provides for NNPCL to list its shares in the capital market in line with the provisions of the Company and Allied Matters Act (CAMA) 1990.
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