CBN Puts Nigerian Adults with Certified Bank Accounts @ 54m

About 54 million Nigerian adults have bank accounts recognized by the Central Bank of Nigeria (CBN) representing 52 per cent in 2023, the Apex bank declared on Wednesday in Abuja.

The Bank said about another 5 per cent adult population is captured under the “other formal” financial inclusion category. CBN gave the updates at the Financial Literacy Fair in commemoration of the 2024 World Savings Day celebration.

It disclosed that 11 per cent are categorised as being informally captured in financial inclusion while 32 per cent or 33.9 million Nigerians are excluded entirely from the financial system.

Ibrahim Yahaya, Acting Head of the Consumer Protection Department said the savings culture has improved over time.

“Over time, Savings has improved. Savings have improved significantly if you look at it from the deposit side. Deposit in the banking industry has been on the increase over time”

“There are other events that may discourage people from saving. You see, in the time that we have been on this journey, people’s income, there has always been that agitation that income is never enough to meet my immediate needs and wants. So it has always been like that.

Speaking to the reason school children were invited to witness World Savings Day, Ibrahim Yahaya said the CBN is celebrating the World Savings Day, an international event that is celebrated on 31st of October each year with the main objective being to promote the importance of savings.

“You know instil the culture of savings among the youth and you know emphasize the importance so that you know right from childhood you grow up with that discipline and you know having that at the back of our minds and even the parents to promote this idea of saving in view of the importance of savings to address some future events that may arise.”

He added “It is very important to save because of eventualities. You know this life is full of a lot of journeys so you need to save in case any issue arise you will be able to have something like a fallback so as to address on in case of those eventualities.

On the impact of savings on the economy, Yahaya stated that “Savings is part of deposits. Savings that you have in the bank is part of deposits and used for lending. Lending drives growth, economic growth. So what we have as deposits is what the banks use to lend out especially to the real sector that drive economic growth.”

To this end, he urged school children to take savings as a habit. “If you say you need to have plenty before you save, then you will never do it. But if you take it as a habit, keep something aside, no matter the challenges, you will see the importance tomorrow.”

Savings and inflation, Yahaya noted that “inflation has been there. I know it is more challenging these days. But if you take it as part of a life, you know, culture, a life attitude, I think you will find it very easy.

“And of course, if you have the savings, if you have something to fall back on now, of course, you know how the impact will be in these trying times.”