Banking survey

EFInA has just published its banking survey of Nigeria. Here are some of the headline findings. Enhancing Financial Innovation & Access is an independent, non-profit, NGO funded by DFID and Ford Foundation.

Banking profile: 74% of the adult population has never banked, 85% of adult of females are unbanked. The main reason for not having a bank account is due to lack of money, while the most important reason for wanting a bank account is to save money. 61% of the unbanked would like a bank account. Only 3 % of the adult population use a microfinance bank.

Access: 53% of adult Nigerians are financially excluded (no formal or informal access to finance).

Savings: 38% of the adult population are currently saving, 26% of those come from the lowest income group.

Loans: Only 7% of the adult population currently has a loan, but 18% have a credit facility at a shop/kiosk. Loans are risky, 26% of those have missed a payment. Most important reason for a loan is to expand a business.

Insurance: Only 2% of Nigerian adults have access to insurance. 65% of Nigerian adults have either not heard of insurance or do not know what it means. Most insurance products are fake.

Technology: 53% of Nigerian adults have access to a mobile phone.