Political

67% Of Nigerians Don’t Borrow – Efina Survey

67% Of Nigerians Don’t Borrow – Efina Survey

By Bukola Idowu, Lagos

Although more Nigerians are being included in the financial system, more than 67 percent of the adult population does not access credit and many of those who do, don’t get it from the formal system.

According to the 2016 Efina Access to Finance survey just released, although the savings culture in the country has improved with 68 per cent of the adult population setting aside money, more are relying on friends and family for credit.

The survey revealed that of the 33 per cent who do borrow, 76.3 per cent borrow from their friends and family while 18.1 per cent borrow from informal sources. Data from the survey shows that only 2.7 and 2.8 per cent borrow from the banks and other formal sources respectively.

The Access to Financial Services survey revealed that 36.9 million Nigerians representing 38.3 percent of the adult population have access to a bank account.  This is an improvement compared to 33.9 million adults who had bank accounts in 2014. The findings also revealed that 40.1 million adults representing 41.6 percent of the adult population are financially excluded.

Financial exclusion was more evident in the North West geopolitical zone with up to 70 percent of the population being excluded.  In 2016, financial exclusion increased by 12 percent with Kano, Jigawa and Kebbi contributing the most to this trend. The South West geopolitical zone has already achieved the National Financial Inclusion Strategy target of reducing the proportion of adults that are financially excluded to 20 percent by 2020.

South East and South-South are closer than the northern regions to meeting the national target with 28 and 31 percent exclusion respectively. The North East and North West are however lagging behind on the national target with 62 and 70 percent of the adult population still excluded from the financial system.

The post 67% Of Nigerians Don’t Borrow – Efina Survey appeared first on leadership.ng.

Source: Political

Click to add a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Political

More in Political

As Internal Crisis Threatens Prospects Of APC In Yobe

adminJuly 18, 2017

Issues As Nigeria Prepares For First Sovereign Green Bonds

adminJuly 18, 2017

Laboratory Council To Open Offices In Seven States

adminJuly 18, 2017

Housing: Oyegun, Ministers, Reaffirms FG’s Commitment To Meet N1trn Target

adminJuly 18, 2017

FIRS Seals 4 Firms Over N630m Tax

adminJuly 18, 2017

How NDE Is Adopting New Strategies To Tackle Unemployment

adminJuly 18, 2017

As Nile Varsity Honours Ooni Of Ife, Mariya Sanusi Dantata

adminJuly 18, 2017

The Courts And Internal Democracy In Nigerian Political Parties – By Muiz Banire

adminJuly 18, 2017

Late Prof Adewoye Gets Posthumous Lifetime Achievement Award

adminJuly 18, 2017

Copyright © 2016 NigeriaOnline.