Nigeria has failed to meet the 70 per cent financial inclusion target set for 2020, as 86 million adults were negatively affected by the COVID-19 pandemic. Giving more insight, EFInA’s Chief Executive Officer, Ashley Immanuel, observed that amid the challenging economic circumstances, financial inclusion continued to grow incrementally, with more than half of Nigerian adults using formal (regulated) financial services for the first time. She said, at the current progress rate, the National Financial Inclusion Strategy targets of 2020 would not be met until around 2030. Ahmad, who is also chairperson of the Financial Inclusion Technical Committee, regretted that despite the humble progress, critical groups, women, especially rural dwellers and northern citizens, remained excluded. A panelist and Chief Executive Officer of Sterling Bank, Abubakar Suleiman, said last year’s financial inclusion growth came with mixed results due to the pandemic.

Source: The Guardian June 04, 2021 04:07 UTC