52% Adult Nigerians Operate Bank Accounts, says CBN
By Patience Ikpeme
It has been revealed that 52% of adult Nigerians, or 54.2 million people, are operating bank accounts recognized by the Central Bank of Nigeria (CBN) as at 2023.
An additional 5% were classified under “other formal” financial inclusion, while 11% were informally included. Notably, 32% (approximately 33.9 million) remained entirely excluded from the financial system.
Ibrahim Yahaya, Acting Head of CBN’s Consumer Protection Department, stated this during the Financial Literacy Fair in Abuja for World Savings Day, on in Abuja.
He noted that savings have improved significantly, though many still struggle with income adequacy for their needs.
Ibrahim Yahaya explained the invitation of school children to the World Savings Day celebration, emphasizing that the Central Bank of Nigeria (CBN) aims to promote the importance of savings.
He stated, that the CBN has the drive to instill a savings culture among youth, highlighting its significance so they grow up with this discipline, supported by their parents.
Yahaya further stressed the necessity of saving for unforeseen circumstances, saying, “Life is full of uncertainties; having savings provides a fallback option.” Yahaya noted that savings contribute to bank deposits, which in turn fuel lending and economic growth.
He encouraged children to adopt saving as a habit, asserting that even small amounts set aside can have significant future benefits. Addressing inflation, he acknowledged current challenges but urged viewing saving as a lifelong practice to navigate tough times effectively.
