The Central Bank of Nigeria (CBN) has set an ambitious target to achieve 95% financial inclusion by the end of 2024. This effort is part of the ongoing strategy to increase access to financial services across the country. As of March 2024, the CBN’s goal is to reduce the financial exclusion rate to 25%. Reports indicate that, as of December 2023, the financial inclusion rate stood at 74%, a significant improvement from 68% in 2020, demonstrating steady progress.
The CBN’s initiative reflects a broader push to expand formal financial inclusion. According to the EFInA Access to Finance Survey, formal financial inclusion increased from 56% in 2020 to 64% in 2023. However, despite this progress, 36.8% of Nigerian adults are still excluded from formal financial systems, underscoring the challenges in achieving universal access to financial services.
In 2021, Nigeria reported approximately 133.5 million active bank accounts and 122.3 million active bank customers. Furthermore, the number of savings accounts reached around 120 million. These figures suggest that while many Nigerians have access to banking services, a large proportion remains financially excluded, often due to barriers like financial literacy or lack of access to formal banking infrastructure.
The CBN’s efforts are accompanied by a rise in mobile banking and electronic payment transactions, which have become increasingly prevalent in Nigeria’s evolving banking sector. These developments are expected to play a crucial role in bridging the financial gap and bringing more Nigerians into the formal financial system as part of the country’s goal to enhance financial inclusion.
Source: leadership