Economy
27% of Nigerian Adults Financially Healthy, 34% Vulnerable—Report
By Adedapo Adesanya
The latest report from Enhancing Financial Innovation and Access (EFInA) has revealed that only 27 per cent of adults in Nigeria are financially healthy.
Business Post reports that financial health is reached when someone has funds in place to meet his short, mid and long-term needs and this could be in terms of income, savings and retirement planning.
In a survey titled The EFInA Access to Financial Services in Nigeria 2020, it was also revealed that 39 per cent of Nigerian adults are financially coping, while 34 per cent are financially vulnerable.
“Nigerians require a range of useful, affordable, and accessible financial services to meet all of their needs.
“Many Nigerian adults continue to rely on different types of providers to meet those needs; while the use of banks increased in 2020, so did the use of unregulated services such as savings groups and village associations,” the CEO of EFInA, Ms Ashley Immanuel, said at the presentation of the report.
It was also noted in the report that Nigeria, which prides itself as Africa’s largest economy, is lagging behind in its target for financial inclusion strategy for 2020, though it said more Nigerian adults are financially included, the National Financial Inclusion Strategy targets were not met.
The method points to strategies used to sets targets for overall financial inclusion, which counts Nigerians that use either formal financial services or informal financial services not nationally regulated, such as savings groups.
The report noted that, “Growth in digital financial services and agent banking highlights opportunities to drive faster progress toward financial inclusion, particularly for excluded groups such as women, rural and Northern Nigerians.
“For the first time, more than half of Nigerian adults are using formal (regulated) financial services.”
The report explained that 51 per cent of Nigerian adults use commercial banks, microfinance banks, mobile money, insurance, or pension accounts, up from 49 per cent in 2018.
“This has largely been driven by growth in banking, with 45 per cent of Nigerians banked in 2020, up from 40 per cent in 2018.
“The overall financial inclusion target was 80 per cent by 2020; EFInA data shows that only 64 per cent of Nigerian adults were financially included by the end of 2020.
“This means that 36 per cent of Nigerian adults, or 38 million adults, remain completely financially excluded.
“In addition, large gaps in financial access remain for some of Nigeria’s most financially excluded groups,” it said.
By gender inclusion, the report showed that women continue to be more financially excluded than men, with only 45 per cent of women using formal financial services, compared with 56 per cent of men.
“Adults in Northern Nigeria continue to be significantly more financially excluded than those in the southern zones, and rural adults are still more excluded than those in urban areas.
Young adults, between the ages of 18-25, are significantly more likely than older adults to be financially excluded.”
While further commenting on the report, Ms Immanuel disclosed that “At our current rate of progress, we will not reach the 2020 financial inclusion targets until around 2030.
“However, we can reach these targets much faster if we follow paths taken by other African countries that have seen rapid financial inclusion growth due to mobile money.
“EFInA’s Access to Financial Services in Nigeria Surveys show that the use of digital financial services and agent networks started to grow significantly between 2018 and 2020. Phone ownership has also increased, with 81 per cent of Nigerians now owning mobile phones.
“Now is the time to build on this initial progress and drive faster financial inclusion growth through digital financial services such as mobile money.
“We can do this by creating an open and the level playing field for a wide range of providers, creating the right environment for fintech to thrive, and encouraging partnerships between different providers.”
She explained further that financial inclusion can benefit individuals, families, and businesses, supporting key outcomes such as GDP growth.
The EFInA Access to Financial Services in Nigeria Survey highlights a significant market opportunity for financial service providers to address Nigerians’ financial needs.
It was noted that only 2 per cent of Nigerian adults are insured, but 18 million uninsured adults say they would be interested in micro-insurance.
Only 7 per cent of Nigerian adults have pension accounts, but 24 million adults without pensions are making regular savings for their retirement. While only 45 per cent of Nigerians are banked, 35 million unbanked Nigerians own mobile phones and could be reached with mobile money.
Mrs Gail Warrander, Economic Development Team Leader, Nigeria for the UK’s Foreign, Commonwealth & Development Office, remarked that “The EFInA Access to Financial Services in Nigeria 2020 Survey shows that Nigeria has made progress on financial inclusion but there’s still a way to go.
“The report models how the journey to the financial inclusion goal can be speeded up by encouraging the scale-up of mobile money.
“I firmly believe that the majority of those excluded, especially women and youth, could then enjoy the convenience of financial services, including using remote payments systems.
“This survey is full of rich data for policymakers, development partners and financial services companies to use,” she said.
Also speaking, the Deputy Governor, Financial Systems Stability (FSS), Central Bank of Nigeria (CBN), Mrs Aishah Ahmad, noted that “financial inclusion is a strong lever for bridging income inequality, combating poverty and preserving social harmony.
“The CBN has accordingly been at the forefront of the efforts to drive financial inclusion in Nigeria by championing the development & implementation of Nigeria’s National Financial Inclusion Strategy led by the CBN Governor.”
The Deputy Governor and Chair of the Financial Inclusion Technical Committee stated that “Despite the progress achieved to date, critical groups remained excluded including women, rural dwellers and citizens in the northern area.
“To address the issue with women, CBN launched a Framework for Advancing Women’s Financial Inclusion in Nigeria in 2020 and is leading the industry to implement the framework, which we expect to lead to a significant increase in women financial inclusion in Nigeria.”
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange opened the week on a positive note after it appreciated by 0.84 per cent on Monday, March 23.
Trading activity returned yesterday after a two-day break last Thursday and Friday to celebrate the end of Ramadan.
The market capitalisation was up by N20.68 billion to N2.482 trillion from N2.461 trillion, and the NASD Unlisted Security Index (NSI) increased by 34.68 points to 4,149.38 points from 4,114.75 points.
The bourse was bullish amid a 1.34 per cent decline in the share price of Geo-Fluids Plc at the close of transactions. The loss was offset by the 3.45 per cent surge in the value of FrieslandCampina Wamco Plc.
A look at the trading data indicated that the activity was weaker yesterday, as the trading volume, value, and number of deals all tumbled.
There was a 99.9 per cent slip in the volume of securities to 412,260 units from the 400.8 million units recorded in the preceding session. The value of securities fell by 99.4 per cent to N7.37 million from N1.2 billion, and the number of deals went down by 31.9 per cent to 32 deals from 47 deals.
Central Securities Clearing System (CSCS) Plc ended the day as the most traded stock by value on a year-to-date basis with 38.7 million units sold for N2.4 billion. Infrastructure Guarantee Credit Plc followed with 400 million units valued at N1.2 billion, and Okitipupa Plc occupied the third spot with 6.4 million units traded for N1.2 billion.
Resourcery Plc closed the trading session as the most active by volume on a year-to-date basis with 1.1 billion units worth N415.7 million, trailed by Infrastructure Credit Plc with 400 million units transacted for N1.2 billion, and Geo-Fluids Plc with 131.1 million units exchanged for N505.6 million.
By Aduragbemi Omiyale
The need for the continent to embrace shared ownership by scaling to remain competitive on the global market will be the focus of the Africa CEO Forum 2026, slated for May 14 and 15, in Kigali, Rwanda.
A statement from the organisers disclosed that the programme will task public and private leaders to commit capital, share risk and build transnational African ownership to secure the continent’s long-term prosperity.
This is because, as multilateralism is challenged, capital flows are reshaped, and leading economies leverage their corporate champions to project global influence.
The ability of Africa to rely on competitive, agile and internationally integrated corporate champions has become a defining corporate imperative. In this shifting global landscape, one lesson is clear: scale is no longer optional. It is the first line of defence.
To prepare the continent for this, the forum will bring together over 2,000 CEOs, investors, heads of state and public decision-makers from over 75 countries to discuss ways to achieve the scale necessary to compete, integrate and thrive in a fragmenting world.
This is because reaching the necessary scale will require more than removing physical and regulatory barriers. It will mean embracing a new mindset anchored in a new vision: shared ownership.
Business Post gathered that the event will explore three strategic levers to build continental scale: shared equity, shared infrastructure, and shared frameworks.
For the shared equity, the forum will look into how to unlock cross-border equity investment to create multinational African champions. Mobilise African institutional capital across markets to strengthen resilience and enhance long-term returns.
As for the shared infrastructure, participants will explore ways to design complementary infrastructure to integrate African value chains, champion transformative projects that serve regional, not merely national, needs and create truly connected markets.
Under the shared frameworks, they will brainstorm on how to harmonise standards, rules and regulations to boost investor confidence and enable the free flow of capital, goods and services. They will also discuss ways to build future-proof digital rails for health, education, agriculture and cross-border payments.
“If Africa wants to compete in a world defined by scale, it must move beyond economic patriotism and embrace a new model,” the president of Africa CEO Forum, Mr Amir Ben Yahmed, stated.
“Africa has the capital and the opportunity to grow and create quality jobs. What matters now is putting that capital to work at scale. That means building trust, sharing risk, and investing across borders,” the Managing Director of the International Finance Corporation (IFC), Makhtar Diop, stated.
The Africa CEO Forum is organised by Jeune Afrique Media Group and co-hosted by IFC to gather leaders to connect policy and private investment, and to help shape Africa’s next phase of growth.
By Adedapo Adesanya
The Naira returned from break with more pressure, losing 2.6 per cent or N35.38 against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, March 23, to trade at N1,388.38/$1 compared with last Wednesday’s closing price of N1,353.00/$1.
It was the same outcome for the Nigerian Naira against the Pound Sterling in the official market, where it tumbled by N58.36 to sell for N1,860.29/£1 versus the preceding session’s N1,801.93/£1, and crashed against the Euro by N53.19 to N1,609.41/€1 from N1,556.22/€1.
Similarly, the domestic currency depreciated against the US Dollar at the GTBank FX counter by N8 yesterday to close at N1,371/$1 versus the previous rate of N1,363/$1, and in the black market, it depreciated by N5 to quote at N1,400/$1 versus N1,395/$1.
The projection for the Naira appears to be changing course as it edged towards consecutive weaknesses due to disruptions to global oil supply, which have increased volatility in energy markets, making investors jittery.
This is also causing outflow for international payments, as evidenced by Nigeria’s external reserves recording drops.
Regardless, Coronation Merchant Bank’s research subsidiary expects the Naira to trade within a relatively stable range in the near term, supported by sustained foreign portfolio inflows (FPI) and improved exporter participation in the FX market.
Meanwhile, the cryptocurrency market saw the price of Bitcoin rise by 4.5 per cent to $70,827.12 after US President Donald Trump announced a five-day pause to airstrikes against Iranian energy infrastructure, citing “productive” diplomatic talks. Meanwhile, Iranian officials denied the existence of talks, but the crypto market largely brushed it off.
Solana (SOL) improved by 6.7 per cent to $91.66, Ethereum (ETH) expanded by 5.8 per cent to $2,157.56, Dogecoin (DOGE) grew by 5.7 per cent to $0.095, Cardano (ADA) jumped 5.2 per cent to $0.2630, Ripple (XRP) soared 4.2 per cent to $1.43, and Binance Coin (BNB) climbed 2.3 per cent to s$639.92.
However, TRON (TRX) dropped 2.8 per cent to $0.3049, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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