Home Labour 31.5m show interest maintaining accounts with MFB —Survey

31.5m show interest maintaining accounts with MFB —Survey

Recent survey carried out by Enhancing Financial Innovation& Access (EFInA) has revealed that 31.5 million adult Nigerians have declared interest in maintaining accounts with Microfinance Banks (MFB). The survey also revealed that about 2.6 million Nigerian adults representing 2.8 per cent currently have a Microfinance Bank (MFB) account.
The revelation came against the believe that most Nigerians may not want to do business with MFBs as a result of lack of confidence.
Chief Executive Officer of EFInA, Ms. Modupe Ladipo said in a statement that “Since EFInA started measuring financial access in 2008; the number of Nigerian adults with access to formal financial services has increased by 25 million”..
Meanwhile, the survey which was unveiled in Lagos by EFInA at a Financial Inclusion conference also shows that the number of Nigerian adults who are banked increased from 28.6 million 32.5 per cent in 2012 to 33.9 million, representing 36.3 per cent in 2014.
The survey equally shows that 36.9 million adults, representing 39.5 percent of the adult population are currently financially excluded.
Also, mobile money awareness and usage remains low with 11.9 million adults representing 12.7 per cent of the adult population aware of mobile money, and only 800,000 Nigerian adults, 0.8 per cent of the adult population, currently use mobile money.
At the same time, uptake of insurance is also low, with one million adults, representing 1.1 percent of the adult population use insurance, while 14.3 million adults said that they would be interested in micro insurance products.

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