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60 Million Nigerians Don’t Have Bank Accounts-report by slimyem: 11:56pm On Mar 05, 2015
Results from a total demographic study carried out by the Enhancing Financial Innovation and Access has shown that from a sample of 93.5 million Nigerian adults, only 33.9 million are banked.

According to the EFIA findings, the other 59.6 million adults are either financially excluded or are served by informal financial channels like savings club/pool, esusu, ajo or moneylenders as well as remittances through informal channels such as transport services and recharge cards.

“Essentially, this means that approximately, only one in five Nigerian adults have a bank account, with approximately one bank branch and one Automated Teller Machine for every 10,000 people,” the EFIA stated in its report.

The situation, the report hinted, was indicative of a population that was highly marginalised in the area of access to financial services.

The EFIA is an organisation committed to deepening financial inclusion in Nigeria.

It further stated that since the launch of mobile money in the country in 2012, only 11.9 million adults (12.7 per cent of the adult population) were aware of the service.

The report added that out of the number, only 0.8 million adults (approximately 0.8 per cent of the adult population) currently used mobile money services.

It also indicated that although the formal financial sector had grown over the past two years, there had been no significant impact on the level of financial inclusion.

Statistics from the Central Bank of Nigeria showed that there was an increase of over 300 per cent in value transactions across various mobile money schemes in the country between January and July 2014.

Yet, telecommunication companies in the country said at the end of January 2014, the value of monthly transactions across different networks stood at just N300m, but reached the N1.2bn mark by the end of July of the same year.

The General Manager, Corporate Affairs, MTN Nigeria, Ms. Funmi Onajide, said the figure did not include transactions carried out within individual networks.

“The volume of transactions within the same period also increased from 12,000 deals in January 2014 to 35,000 in July 2014, representing 199 per cent increase. This showed the increasing ability to replace cash with digital money transfer via mobile phones,” she said.

However, when asked why many Nigerians using mobile money were those with bank accounts, Onajide said telecommunication frameworks leveraged huge existing customer base and technology to drive significant adoption and that there was easier opportunity for access to financial services.

She said, “That is why a collaborative approach between the telcos and the banks is desirable.

“Given the population, size and complexity of the Nigerian society, a framework that allows both banks and the network operators drive strategic partnerships will be best suited for the attainment of mobile money vision for Nigeria. Unfortunately, that is not the case at the moment.”

Onajide added that there was an urgent need for an all-inclusive framework that would allow strategic partnerships by all stakeholders, noting that this would ensure that Nigeria could deliver similar growth to that recorded by Kenya.

She added, “This position is premised on the following key facts: African mobile operators have a wider reach than banks today in terms of distribution and, therefore, have the potential to on-board many more customers at the bottom of the pyramid than banks can through their branch networks.

“As a function of this reach, but also because of this being an incremental service alongside core mobile services, the cost of acquisition for a mobile operator is far lower than for a bank.

“Mobile operators are not deposit-taking institutions, and for the overall good of the industry, it seems to us that more collaboration between the banks and the operators is needed.”

http://www.punchng.com/business/business-economy/60-million-nigerians-dont-have-bank-accounts-report/
Re: 60 Million Nigerians Don’t Have Bank Accounts-report by HrtBrkSteve(m): 12:00am On Mar 06, 2015
Where's the money to put in the account?
For Naija, as money come na so we dey spend am.
#StoryEnds

7 Likes

Re: 60 Million Nigerians Don’t Have Bank Accounts-report by Nobody: 12:11am On Mar 06, 2015
Even the people that owns an account,how much is there?

Nigeria is a country where saving habit isn't encouraged,due to hostility of the economy..

Inflation rate is high,so therefore saving will be difficult,or nearly impossible..

4 Likes 1 Share

Re: 60 Million Nigerians Don’t Have Bank Accounts-report by obiZEAL(m): 12:15am On Mar 06, 2015
Person wey naked no fit shook hand for pocket now...

7 Likes

Re: 60 Million Nigerians Don’t Have Bank Accounts-report by sam4(m): 12:23am On Mar 06, 2015
are you serious? shocked

1 Like

Re: 60 Million Nigerians Don’t Have Bank Accounts-report by dorocent(m): 12:26am On Mar 06, 2015
more than 60million youths dnt hv jobs.. so tell me hw will they hv account wen they are faustrated in NIGERIA

2 Likes

Re: 60 Million Nigerians Don’t Have Bank Accounts-report by menix(m): 12:28am On Mar 06, 2015
Hmmm...
This is hard to blive, most bank ve products for low earners nah.
With 1k u can open an account, so if we still ve such huge figure then somthing is wrong with d economy or its citizens.

I could remember a product by 1st bank then that allows u open an acct wivout shishi, is it dat these adult dont blive in banking services.

Buh wiv d multitude i see in some bank branches i doubt that figure..

1 Like

Re: 60 Million Nigerians Don’t Have Bank Accounts-report by Bamss1: 12:37am On Mar 06, 2015
No b pesin wey get money go open acct..
Re: 60 Million Nigerians Don’t Have Bank Accounts-report by Nobody: 12:57am On Mar 06, 2015
They are not missing anything...at least that's one less form of societal exploitation to worry about.
Re: 60 Million Nigerians Don’t Have Bank Accounts-report by gbemi514: 2:03am On Mar 06, 2015
Dis apens in a country wia u sleep @nite wt d price of a commodity being sold 4 #50 den u wake only 2 fnd d cost of dat commodity 2 increase by 75%....xo tel me aw wud dey kip dier money in bank n 2 make matters worse dey would go 2ru a hell lot of stress jux 2 wtdraw 1k [color=#000099][/color]

2 Likes

Re: 60 Million Nigerians Don’t Have Bank Accounts-report by tobechi74: 2:03am On Mar 06, 2015
Safest place to keep money is under the ground for backyard

2 Likes

Re: 60 Million Nigerians Don’t Have Bank Accounts-report by sucess001(m): 3:51pm On Mar 06, 2015
e no matter na....
Re: 60 Million Nigerians Don’t Have Bank Accounts-report by themejiwalker(m): 3:51pm On Mar 06, 2015
we dont need it


All we want is an action president.

March 28th where art thou? undecided

4 Likes

Re: 60 Million Nigerians Don’t Have Bank Accounts-report by Tobilastik(m): 3:52pm On Mar 06, 2015
lol.... we prefer keeping our money inside KOLO

1 Like

Re: 60 Million Nigerians Don’t Have Bank Accounts-report by Hawlahscho(m): 3:52pm On Mar 06, 2015
error 222!!!

the subject appears twice on d front page.

***Edited***

grin now corrected grin

Mistake Checker Pro.apk installed on the front page.
grin
Re: 60 Million Nigerians Don’t Have Bank Accounts-report by Nobody: 3:53pm On Mar 06, 2015
Na Esusu things sure pass o.

Especially for those at the bottom of the pyramid.
Re: 60 Million Nigerians Don’t Have Bank Accounts-report by steppin: 3:53pm On Mar 06, 2015
Everybody can't own an account. Some people run businesses that require constant cash flow and most of our banks do not make that flow easy.
Imagine going to an ATM to withdraw money urgently and it's down.
Even in the banking halls, the queues are as long as 3rd mainland bridge.
I own a bank account but I only use it when necessary.
Re: 60 Million Nigerians Don’t Have Bank Accounts-report by cycline404(m): 3:54pm On Mar 06, 2015
gg
Re: 60 Million Nigerians Don’t Have Bank Accounts-report by Etizz: 3:54pm On Mar 06, 2015
And what's d necessity of having a bank account To monitor people right
Re: 60 Million Nigerians Don’t Have Bank Accounts-report by youngwarlocks: 3:54pm On Mar 06, 2015
ok
Re: 60 Million Nigerians Don’t Have Bank Accounts-report by falconey(m): 3:54pm On Mar 06, 2015
I want to even close my bank account 1,085 since december. And those foolish 1st bank still dey charge me some unnecessary charges. Sms alert, bank alerts,FG alerts,PDP alerts.

6 Likes 1 Share

Re: 60 Million Nigerians Don’t Have Bank Accounts-report by AmakaDNB(f): 3:55pm On Mar 06, 2015
They use safe boxes.

www.dnbstories.com
Re: 60 Million Nigerians Don’t Have Bank Accounts-report by Pavore9: 3:55pm On Mar 06, 2015
Do they really need it when they have a phone? CBN should come over to Kenya & understudy how Mpesa & Airtel money are running things here. All my money is in my Airtelkenya simcard which l can withdraw wit my Airtel Visa card when am in Nigeria!
Re: 60 Million Nigerians Don’t Have Bank Accounts-report by lilflipnerd: 3:55pm On Mar 06, 2015
I get kolo am good
Re: 60 Million Nigerians Don’t Have Bank Accounts-report by Sanuzi(m): 3:55pm On Mar 06, 2015
why do u need account now?
Re: 60 Million Nigerians Don’t Have Bank Accounts-report by fulfillment22: 3:55pm On Mar 06, 2015
When bank itself don't encourage... Their charges at times are enormous

1 Like

Re: 60 Million Nigerians Don’t Have Bank Accounts-report by misterchris(m): 3:55pm On Mar 06, 2015
APC WANTS TO SHARE MONEY!!!

1 Like

Re: 60 Million Nigerians Don’t Have Bank Accounts-report by Nobody: 3:56pm On Mar 06, 2015
Ok, but i've mine.
Re: 60 Million Nigerians Don’t Have Bank Accounts-report by ignis: 3:57pm On Mar 06, 2015
I no gree
Re: 60 Million Nigerians Don’t Have Bank Accounts-report by alnino94(m): 3:58pm On Mar 06, 2015
.

1 Like

Re: 60 Million Nigerians Don’t Have Bank Accounts-report by Missonas(f): 3:58pm On Mar 06, 2015
Until banks become customer friendly and easily accessible that's goan be the case o.Some that even have still do the esusu and ajo contributions and it always pulls through for them in times of need that's the reliability of the traditional ways of doing things.

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