Number of adults with a bank account reaches 45% in Nigeria – World Bank

The World Bank said the number of Nigerians with accounts in regulated institutions such as a bank, credit union, microfinance institution, post office or mobile money service provider, has increased by 16 to 45% in 2021.
The World Bank said global account ownership increased by 50%, from 51% in 2011 to 76% in 2021. Growth in account ownership in Nigeria increased from 30% to 45% during the period considered.
Disclosing this in its report “The Global Findex Database 2021: Financial Inclusion, Digital Payments, and Resilience in the Age of COVID-19,” the bank said overall account ownership in developing economies increased by 30 points. percentage, from 42% in 2011 to 71% in 2021, an increase of more than 70%.
“Individual economies have experienced different growth rates over the past decade. Between 2011 and 2021, economies such as Peru, South Africa and Uganda drove the average up with increases in account ownership of 25 percentage points or more.
“Uganda, in fact, saw its rate more than triple, from 20% to 66%. In India, account ownership has more than doubled over the past decade, from 35% in 2011 to 78% in 2021.
“This result stems in part from an Indian government policy launched in 2014 that leveraged biometric ID cards to boost account ownership among unbanked adults.
“Other economies have seen much smaller increases over longer periods. Pakistan, for example, has grown just 10 percentage points over the past decade, from 10% in 2011 to 21% in 2021.
“The Arab Republic of Egypt and Nigeria increased ownership by 18% and 16%, respectively, from 10% to 27% in Egypt and 30% to 45% in Nigeria,” the report said.
The Washington-based lender explained that having an account is a fundamental measure of financial inclusion and is the gateway that allows men and women to use financial services in a way that facilitates the development.
He said account owners – whether those accounts are with a bank or a regulated institution such as a credit union, microfinance institution or mobile money service provider – can store, send and receive money, enabling them to invest in health, education, and business.
According to the lender, it is more difficult for account holders to fall into poverty as they can easily rely on savings or receive financial resources from friends or family in times of financial emergency.