Nigeria’s financial inclusion landscape includes both great hope and great challenges. As Africa’s largest economy, Nigeria has the potential to drive consumers toward financial inclusion, yet internal strife and economic instability have made progress uncertain. Nearly nine in 10 Nigerians (88%) live below the poverty line, with research showing that being poor, rural and less educated are all barriers to inclusion. Today, banking leads the way to financial inclusion, with more than one-third of adults (37%) having bank accounts. Fewer than one in a 100 adults (0.6%) have mobile money accounts and barely more (3%) have nonbank financial accounts. After committing to the Maya Declaration, the Nigerian government launched the National Financial Inclusion Strategy in 2012 to reduce the financially excluded to 20% by 2020. Although the goal is ambitious, the strategy reflects its long-term commitment to expanding financial services access and use to underserved populations.   

Financial Inclusion

Total Financially Included
Financial Inclusion Breakdown By Accounts
Account Ownership By Year
36% of Nigerian adults have a digital bank account, meaning their registered account offers some form of digital access.

Registered Bank Accounts

Total Population
By Gender
By Urbanity
By Poverty Level
60% of Nigerian adults are gainfully employed.

Active Bank Account Use

Active Bank Account Holders
Basic Bank Account Use
62% of Nigerian adults currently have savings.

Which mobile money provider is the most well known in Nigeria?

A. MTN mobile money
B. Airtel money
C. Poketmoni
D. Etisalat Easy
MTN mobile money

True or false

Banks are the most widely used form of financial services, formal or informal.

True - (Banks 41% vs. 3% NBFI)

Which demographic group is most likely to own a bank account?

A. Urban
B. Male
C. Above the poverty line
D. Female
Above poverty line - (65%)

True or false

Financial inclusion in Nigeria is primarily through mobile money

False - (Banks 37% vs. 0.6% mobile money)

True or false

Nonbank financial services are the second most widely used financial services in Nigeria


Mobile money was introduced to Nigeria before it was introduced in Kenya

True - (Nigeria, early 2000; Kenya, 2007)