33.9 Million Nigerians Lack Financial Access: CBN Report

The Central Bank of Nigeria (CBN) has highlighted advancements in financial inclusion, revealing that 52% of Nigerian adults now have formal bank accounts. However, 32% of the population—around 33.9 million individuals—remain outside the formal banking system.

This data was shared at the Financial Literacy Fair held in Abuja in celebration of the 2024 World Savings Day. During the event, Ibrahim Yahaya, Acting Head of the Consumer Protection Department at CBN, emphasized both the strides and ongoing challenges in Nigeria’s financial inclusion efforts. Yahaya disclosed that while 52% of adult Nigerians—approximately 54.2 million—are formally included, another 11% are informally involved in the financial system, and 5% are included through other formal financial means.

Highlighting the importance of developing a savings culture, particularly among youth, Yahaya noted that while deposit levels in banks are on the rise, challenges remain. “Though deposit growth is evident, many still feel they lack sufficient income to prioritize saving,” he explained.

As part of World Savings Day, school children were invited to promote the significance of early savings habits. Yahaya expressed the aim of embedding financial discipline from a young age, encouraging parents to teach their children the value of saving for the future. “Even small amounts can build a crucial safety net,” Yahaya advised, noting the benefit of having savings for life’s uncertainties.

Yahaya also underscored the broader economic advantages of a strong saving culture. Bank deposits drive lending to sectors essential for economic growth, he noted, and advised Nigerians to adopt saving as a routine, regardless of their financial situation. “Waiting until you have more money may mean you never save,” he warned, encouraging people to set aside even small amounts consistently.

Addressing inflation concerns, Yahaya acknowledged the difficulty of saving during periods of high inflation but reaffirmed that regular saving practices offer a buffer against economic instability.