FUNFACT FRIDAY:
It's TGIF Everyone❤️. Let's enjoy some interesting facts about the Nigerian financial space:
1. Financial Inclusion Challenge:
- Almost half of Nigeria's adult population (about 47 million individuals) are financially excluded.
- These individuals lack formal financial institution accounts, limiting their access to savings, insurance, pension, and credit facilities.
2. Rural Population Dominance:
- More than half of Nigeria's population resides in rural areas.
- The underdevelopment of these locations contributes to the high number of financially excluded adults.
- Setting up bank branches in remote areas is often cost-prohibitive for financial institutions.
3. Mobile Money Penetration:
- Despite Nigeria's population of 180 million people and high mobile penetration (around 80%), mobile money adoption remains low.
- As of December 2016, there were approximately 5.5 million mobile money customers in Nigeria.
- Interestingly, most of these users are already banked, defeating the purpose of mobile money as a channel for financial inclusion.
4. Licensed Mobile Money Operators:
- Nigeria currently has 21 licensed Mobile Money Operators.
- These operators play a crucial role in expanding financial services to underserved populations.
The Nigerian financial landscape is dynamic, and efforts toward greater financial inclusion continue to evolve.
It's TGIF Everyone❤️. Let's enjoy some interesting facts about the Nigerian financial space:
1. Financial Inclusion Challenge:
- Almost half of Nigeria's adult population (about 47 million individuals) are financially excluded.
- These individuals lack formal financial institution accounts, limiting their access to savings, insurance, pension, and credit facilities.
2. Rural Population Dominance:
- More than half of Nigeria's population resides in rural areas.
- The underdevelopment of these locations contributes to the high number of financially excluded adults.
- Setting up bank branches in remote areas is often cost-prohibitive for financial institutions.
3. Mobile Money Penetration:
- Despite Nigeria's population of 180 million people and high mobile penetration (around 80%), mobile money adoption remains low.
- As of December 2016, there were approximately 5.5 million mobile money customers in Nigeria.
- Interestingly, most of these users are already banked, defeating the purpose of mobile money as a channel for financial inclusion.
4. Licensed Mobile Money Operators:
- Nigeria currently has 21 licensed Mobile Money Operators.
- These operators play a crucial role in expanding financial services to underserved populations.
The Nigerian financial landscape is dynamic, and efforts toward greater financial inclusion continue to evolve.