WHAT IS FINANCIAL INCLUSION? Financial inclusion is a state in which adults have formal easy access to a broad range of appropriate financial products, provided at affordable cost and with dignity for the clients. These products include payments, pensions, savings, credit and insurance.

Financial Inclusion in Nigeria Lags Behind Many African Countries In 2010, about 64% of adults – roughly 55 million out of an adult population of 85 million – were not served by formal financial services. This figure compares to 36% in South Africa and 57% in Kenya. On average, 82% of the population in the North is unbanked, compared to 59% of the population in the South of Nigeria. Women are more disadvantaged with 53.5% of all women unbanked. Rural Nigeria is disproportionately more excluded from financial services compared to urban Nigeria.

Source: WorldBank / CGAP, FinScope, EFInA, Access to Finance in Nigeria 2010 survey Savings Account per 1000 with Commercial Banks in 2010

Loan Accounts per 1000 with Commercial Banks Source: WorldBank / CGAP, FinScope, EFInA, Access to Finance in Nigeria 2010 survey, CBN

Source: WorldBank / CGAP, FinScope, EFInA, Access to Financial Services in Nigeria 2010 survey, GSMA M-Payment Users in % of Adult Population

Estimated Share of Population Using Insurance in 2010 in % Source: Swiss ReInsurance Company Ltd., Access to Finance in Nigeria 2010 survey

Estimated Proportion of Population Contributing Pensions in 2009 (%) Source: EuroMonitor, BGL, Regulator reports, PENCOM