5 Reasons Financial Inclusion Matters
As of 2008, Nigeria had 53% of her adult population excluded from access to financial services. This rate reduced to 46.3% in 2010 as a result of various global growth and interventions. Following the CBN financial inclusion policy, the included adult population grew to 64% in 2020, which was still far below the target of 80%. Some of the critical factors responsible for this shortcoming include economic issues, security, level of literacy, and lack of trust for service providers . Despite these efforts, EFINA, an independent think tank, established that up to 38.1 million adults in Nigeria remain financially excluded. In other words, this crop of the population has no access to ordinary financial services and offers. Before we consider the top reasons for financial inclusion for the Nigerian population, first, what does financial inclusion mean? What is Financial Inclusion? The World bank describes Financial inclusion as the provision of access to financial products and service