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 one in two Nigerians (46%) 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 (34%) having bank accounts. Two in 100 adults (2%) have mobile money accounts and the same number (2%) 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
32% 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
58% of Nigerian adults currently have savings.

True or false

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

True (38%)

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

A. Urban
B. Male
C. Above the poverty line
D. Female
C. Above the poverty line (45%)

True or false

Financial inclusion in Nigeria is primarily through mobile money.

False (banks 29% vs. mobile money 3%)

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

True (early 2000 for Nigeria, 2007 for Kenya)

True or false

Digital financial inclusion decreased from 40% in 2014 to 29% in 2017.


True or false

Adults living in rural areas are most likely to have their own bank account.

False (23% of rural residents vs 42% of urban residents have an account)