A recent report indicates that 45% of Nigerians are utilizing digital services.
In a notable shift towards digital transformation, the year 2023 witnessed a substantial increase in the percentage of Nigerians embracing digital services, soaring to 45% from the 34% recorded in 2020. This revelation stems from a comprehensive report released by EFInA in Lagos, titled ‘A2F 2023 Survey – Key,’ which primarily focuses on accelerating insights into financial and economic inclusion. The survey unveiled compelling statistics, indicating that 83% of adults with transactional accounts now engage with digital financial services, showcasing a remarkable surge from the 60% reported in 2020. Moreover, the report shed light on the prevalence of digital income payments, with 31% of individuals receiving such payments, and a substantial 75% making digital payments for goods.
Despite these encouraging trends, a substantial segment of formally served Nigerians faced persistent challenges, including fraud, subpar service quality, exorbitant banking costs, and a lack of transparency in financial information. The report underscored the ongoing issues of low awareness and limited understanding of product offerings, posing significant obstacles to building trust in non-bank formal financial products.
Additionally, the study identified poverty as a major impediment to financial inclusion, revealing that nearly 50% of adults lacked financial accounts due to insufficient income. The report recommended a strategic approach to address this issue, suggesting complementary policies aimed at tackling endemic poverty. These policies would encompass social investments in education, vocational skills, entrepreneurship, health, and market-friendly economic initiatives. By implementing such measures, the report argued, Nigeria could achieve a broader social impact of financial inclusion, thereby fostering a more inclusive and resilient economic landscape. As the nation navigates the digital era, addressing these challenges becomes crucial for ensuring the benefits of financial inclusion reach all segments of society.
