The Central Bank of Nigeria (CBN) reveals that 32 per cent of Nigerians remain unbanked, highlighting a significant gap in financial inclusion.
Speaking on Wednesday at the Financial Literacy Fair in Abuja, the Acting Head of the Consumer, Ibrahim Yahaya Protection Department, shared that 52% of adults now have formal bank accounts, totaling about 54.2 million.
Yahaya explained, “While savings have improved, many still feel their income isn’t enough to save.”
He noted that 5 per cent of the adult population falls into the “other formal” category, while 11 per cent participate informally in the financial system.
During the World Savings Day event, Yahaya emphasised the importance of instilling a savings culture among youth. “The main objective of this day is to promote the importance of savings,” he stated, urging parents to encourage this habit in their children.
He also linked personal savings to broader economic health, saying, “What we have as deposits is what the banks use to lend out, especially to the real sector.”
Yahaya encouraged Nigerians to start saving, regardless of their financial situation, asserting, “If you wait to have plenty before you start saving, you may never do it.”
Addressing inflation’s impact, he acknowledged current challenges but insisted that a savings culture could help mitigate its effects. “If saving becomes part of a life attitude, it will help cushion the impact,” he added.
