CBN Eyes 95% Financial Inclusion

As of March 2024, the financial inclusion rate in Nigeria is targeted to reach 95% by the end of the year, as part of the Central Bank of Nigeria’s ongoing strategy. However, recent reports indicate that the actual financial inclusion rate was 74% as of December 2023, reflecting progress from 68% in 2020.

The goal remains to reduce financial exclusion to 25% by 2024, highlighting the need for continued efforts in financial literacy and access to services.

Formal financial inclusion rose from 56% in 2020 to 64% in 2023, according to the EFInA Access to Finance Survey. As of 2021, there were approximately 133.5 million active bank accounts and 122.3 million active bank customers. The number of savings accounts reached around 120 million. Despite this growth, about 36.8% of adults remain financially excluded. The banking sector continues to evolve, with increasing mobile banking and electronic payment transactions reported.