• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Tuesday, July 8, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Nigeria Among 7 Countries With Half of World’s Unbanked

by Bukola Idowu
3 years ago
in Business
Unbanked
Share on WhatsAppShare on FacebookShare on XTelegram

Nigeria has been named as one of the seven countries where half of the unbanked 1.7 billion people in the world are resident in, even as the World Bank said, the Covid-19 pandemic has greatly increased the use of digital payments across the globe.

Advertisement

The 2021 Global Findex 2021 report released by the World Bank lists Nigeria alongside Bangladesh, China, India, Indonesia, Mexico and Pakistan as where nearly half of the about 1.7 billion adults that remain unbanked in the world live.

However, the World Bank noted that, mobile money has, in recent years, driven increased financial inclusion particularly in Sub Saharan Africa.

According to the World Bank, the COVID-19 pandemic has spurred financial inclusion–driving a large increase in digital payments amid the global expansion of formal financial services.

“This expansion created new economic opportunities, narrowing the gender gap in account ownership, and building resilience at the household level to better manage financial shocks, according to the Global Findex 2021 database.

RELATED

Nigeria At 64: ‘Foreign Vessels Coastal Water Domination Collapses Indigenous Shipping’

Freight Rate: Nigeria Loses N7.2trn Annually To Foreign Firms – Report

60 minutes ago
CBN Grants RoutePay Licence To Provide Digital Payment Solutions

CBN Imposes $50 Charge On Non-Resident BVN

1 hour ago

“The pandemic has also led to an increased use of digital payments. In low and middle-income economies (excluding China), over 40 per cent of adults who made merchant in-store or online payments using a card, phone, or the internet did so for the first time since the start of the pandemic.

“The same was true for more than a third of adults in all low- and middle-income economies who paid a utility bill directly from a formal account. In India, more than 80 million adults made their first digital merchant payment after the start of the pandemic, while in China over 100 million adults did.

“Two-thirds of adults worldwide now make or receive a digital payment, with the share in developing economies grew from 35 per cent in 2014 to 57 per cent in 2021.

developing economies, 71 per cent have an account at a bank, other financial institution, or with a mobile money provider, up from 63 per cent in 2017 and 42 per cent in 2011. Mobile money accounts drove a huge increase in financial inclusion in Sub-Saharan Africa.

“In Sub-Saharan Africa, mobile money adoption continued to rise, such that 33 per cent of adults now have a mobile money account, a share three times larger than the 10 per cent global average. Although mobile money services were originally designed to allow people to send remittances to friends and family living elsewhere within the country, adoption and usage have spread beyond those origins, such that three out of four mobile account owners in 2021 made or received at least one payment that was not person-to-person and 15 per cent of adults used their mobile money account to save.

“Opportunities to increase account ownership in the region include digitalizing cash payments for the 65 million adults with no account receiving payments for agricultural products, and expanding mobile phone ownership, as lack of a phone is cited as a barrier to mobile money account adoption. Adults in the region worry more about paying school fees than adults in other regions, suggesting opportunities for policy or products to enable education-oriented savings,” it stressed.

President of the World Bank, David Malpass noted that, “the digital revolution has catalyzed increases in the access and use of financial services across the world, transforming ways in which people make and receive payments, borrow, and save.“Creating an enabling policy environment, promoting the digitalization of payments, and further broadening access to formal accounts and financial services among women and the poor are some of the policy priorities to mitigate the reversals in development from the ongoing overlapping crises.”

 


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

BREAKING NEWS: Nigerians can now earn US Dollars from the comfort of their homes with Ultra-Premium domains, acquire them for as low as $1700 and profit as much as $25,000. Click here to learn how you can earn US Dollars consistently.


SendShareTweetShare
Previous Post

Get Your PVCs, Vote To Effect Lasting Change, Big Slesh Urges Youths

Next Post

JUST-IN: Bauchi Deputy Gov, Tela, Denies Resignation 

Bukola Idowu

Bukola Idowu

You May Like

Nigeria At 64: ‘Foreign Vessels Coastal Water Domination Collapses Indigenous Shipping’
Business

Freight Rate: Nigeria Loses N7.2trn Annually To Foreign Firms – Report

2025/07/08
CBN Grants RoutePay Licence To Provide Digital Payment Solutions
Business

CBN Imposes $50 Charge On Non-Resident BVN

2025/07/08
Why We Are Investing In Critical Infrastructure – Mbah
Business

Enugu Air Will Be For Traders, Enugu People – Mbah

2025/07/08
Large-cap Stock Drives Local Bourse To N180bn Gains
Business

Equities Market Opens Trading Week With N193bn Gain

2025/07/08
Restore Public Confidence In Judiciary, Panelists Tell Next CJN, Kekere-Ekun
Business

Shettima, CJN, Others Task Judges On Swift, Credible Judgements To Strengthen Capital Market

2025/07/08
NIMR Faces Power Outage Over ₦38m Debt
Business

TCN Adds 250MW To National Grid With New Bauchi Substation

2025/07/08
Leadership Conference advertisement

LATEST

Ajumbe Wants Okigwe Zone To Produce Uzodinma’s Successor

35 Abducted Women, Children Rescued In Niger After 1 Year

Cleric Urges Kwara Govt To Tackle Insecurity In Edu, Patigi

We Are Providing Sustainable Development To Ogoni – HYPREP

Buni Promises New Insurance Scheme For 3,000 Vulnerable

Our Mandate Is To Complete Abandoned Legacy Projects – NDDC

Cameroon Has Not Released From Lagdo Dam – Ministry

PRNigeria Seeks Police Action Against NIPSS Officials Over Cybercrime

CBEX Scam: EFCC Arraigns 2 Over Alleged Investment Fraud

Reps Want Operations, Maintenance Of NASS Complex, Others Taken From FCDA

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.