Banking survey in Nigeria
EFInA has just published its banking survey of Nigeria. Here are some of the headline findings. The survey can be downloaded here.
Banking profile
1. 74% of the adult population has never been banked, 85% of adult of females are unbanked. The main reason for not having a bank account is due to lack of money, while the most important reason for wanting a bank account is to save money. 61% of the unbanked would like a bank account. Only 3 % of the adult population use a microfinance bank
Access
2. 53% of adult Nigerians are financially excluded (no formal or informal access to finance)
Savings
3. 38% of the adult population are currently saving, 26% of those come from the lowest income group LSM1. most are saving in case of an emergency.
Loans
4. Only 7% of the adult population currently has a loan, but 18% have a credit facility at a shop/kiosk. Loans are risky, 26% of those have missed a payment. Most important reason for a loan is to expand a business.
Insurance
5. Only 2% of Nigerian adults have access to insurance. 65% of Nigerian adults have either not heard of insurance or do not know what it means. Most insurance products are fake
Technology
6. 53% of Nigerian adults have access to a mobile phone
Posts
8 comments:
Thoroughly bleak picture.
this is really coming at the right time. say! jeremy, what's ur take on those stats?
how many people were surveyed though? and did they take into account the local/rural/village/community savings scheme that most people do (cooperative style) ?
Thanks for posting the link. I see some similarity to our demographics here
Thanks for posting the link. Like anon said, its a pretty bleak picture.
I wouldn't say it's bleak - it actually means that there are incredible opportunities in Nigeria...
I scanned the actual document and I must say their stats are skewed. The most representation in their sampling was northwest with 21% and southsouth with 20% while the southwest which includes Lagos has just 18% sampling despite the huge population of Lagos. This will inadvertently skew the results in favor of the unbanked.
Despite that slight skew however, they are still good stats to know, and excellent opportunities for business targetting the unbanked demographic.
Thanks for sharing this, Jeremy
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