Nigeria Demographic

Nigeria prides itself as the most populated and economy giant of African continent with over 176million people yet 64% (of the adult population) currently un(der)banked! The financial sector also boost of 22 commercial banks, over 400 mircofinance banks and above 23 Mobile Money Operators who over the years, have been trying to tap into the market potential of the large un(der)banked population in the economy.

From findings, the current un(der)banked population control over 75% of daily retail transaction and it will surprise you that even the banked population are encouraging them through cash transactions because the economy has not transit from her traditional cash based. The result is the increasing number of informal financial operators whose activities is not regulated but control high volume of liquidity which could have been use to create economic opportunities if it were in the hands of the formal financial institutions...

Continue on https://www./financial-inclusion-nigeria-challenges-banks-mobile-money-adesanya