Nigeria’s financial inclusion grows to 50%

Nigeria’s financial inclusion landscape has recorded some growth from 2016 to 2023, with formal financial service usage growing from 30 per cent to 50 per cent.

Director-General of the Securities and Exchange Commission (SEC), Dr. Agama Emomotimi made the disclosure at the launch of the 3rd phase of the AFEC Financial Literacy and Inclusion Awareness Campaign, organised by the Abuja Enterprise Agency (AEA) in Abuja.

Dr. Agama, quoting the Enhancing Financial Innovation and Access (EFInA) 2023 survey, noted the remarkable growth in the adoption of financial services agents, which surged from 4.4 per cent in 2018 to 54 per cent in 2023.

He described this development as a positive step towards providing more Nigerians access to formal financial services, especially in rural areas.

“Financial literacy is crucial for making informed decisions and achieving financial well-being. Despite this urgent need, levels of financial literacy remain low,” said Dr. Agama.

He added that the campaign is a vital initiative aimed at improving financial literacy and empowering individuals to make sound financial decisions.