EFInA Report; More Than Half Of Nigeria’s Population Are Financially Excluded

EFInA report - cfamedia

The whole narrative that, Nigeria is the giant of Africa, making it the largest economy in Africa, appears to be getting short-lived, by the day, as reports from the Financial Inclusion Conference 2019, indicates that, Nigeria has the highest number of people, within the extreme poverty bracket, in the world.

Assessment of Women’s Financial Inclusion in Nigeria, December 2019″ shows that, half the number of the Nigerian population, earns less than N700, or, USD $1.92 per day.

The conference is, the brainchild of the Enhancing Financial Innovation and Access, (EFInA Nigeria) and it seeks, to unlock the potentials, in every Nigerian, leading to a path of inclusive economic growth.

This EFInA report indicates that, an average Nigerian, within that scope, may not be able, to save money and take financial risks, therefore, the opportunity to get included, in the financial system decreases.

According to the report, the unemployment rate, still stands at double-digits, (23 percent), not a very good indicator, for the giant of Africa and a lack of education, in some parts of the country.

The EFInA report shows that, the little earnings, coming in, are preferably spent, on the cost of living, (food and shelter, especially) and maybe, on their children’s education, if there is any significant left. A scenario can, easily, be depicted here. How does a family, living under #700, save money, or, even, take loans?

After all expenses, there is, hardly, enough disposable income, to go to the banks for saving, hence they are excluded, from financial services.

This latest report, lays credence, to the global indication that, Nigeria is, the poverty capital of the world. Data from the World Poverty Clock had earlier revealed that, more than 90 million Nigerians, survive on a #360 per day, an equivalent of a dollar, as of June 2019.

“In general, they experienced a lack of control, over their economic situation and often trusted in God, to look after them”, indicates the report.

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