Headlines

World Bank Lists Nigeria Among Countries with Huge Unbanked Population

Published

3 years ago

June 30, 2022

The World Bank has named Nigeria as one of the seven countries that contribute to half of the global population that is unbanked which was pegged at 1.7 billion people.

The bank also noted a majority of the unbanked population in Nigeria are women.

This was stated in the ‘2021 Global Findex 2021 Report’ released by the World Bank yesterday, where the multilateral institution listed Nigeria alongside Bangladesh, China, India, Indonesia, Mexico and Pakistan as where nearly half of the about 1.7 billion adults remain unbanked in the world live.

It stated: “Globally, about 1.7 billion adults remain unbanked — without an account at a financial institution or through a mobile money provider. Because account ownership is nearly universal in high-income economies, virtually all these unbanked adults live in the developing world. Indeed, nearly half live in just seven developing economies: Bangladesh, China, India, Indonesia, Mexico, Nigeria, and Pakistan.

“Fifty-six percent of all unbanked adults are women. Women are overrepresented among the unbanked in economies where only a small share of adults are unbanked, such as China and India, as well as in those where half or more are, such as Bangladesh and Colombia.

“Poor people also account for a disproportionate share of the unbanked. Globally, half of unbanked adults come from the poorest 40 percent of households within their economy, the other half from the richest 60 percent. But the pattern varies among economies.

“In those countries where half or more of adults are unbanked, the unbanked are as likely to come from a poorer household as from a wealthier one. In economies where only about 20–30 percent of adults are unbanked, however, the unbanked are much more likely to be poor.”

However, the World Bank noted that mobile money has in recent years driven increased financial inclusion particularly in Africa.

According to the World Bank, the COVID-19 pandemic spurred financial inclusion–driving a large increase in digital payments amid the global expansion of formal financial services.

“In Sub-Saharan Africa, mobile money adoption continued to rise, such that 33 per cent of adults now have a mobile money account, a share three times larger than the 10 per cent global average.

“Although mobile money services were originally designed to allow people to send remittances to friends and family living elsewhere within the country, adoption and usage have spread beyond those origins, such that three out of four mobile account owners in 2021 made or received at least one payment that was not person-to-person and 15 per cent of adults used their mobile money account to save.

“Opportunities to increase account ownership in the region include digitalising cash payments for the 65 million adults with no account receiving payments for agricultural products, and expanding mobile phone ownership, as lack of a phone is cited as a barrier to mobile money account adoption.

“Adults in the region worry more about paying school fees than adults in other regions, suggesting opportunities for policy or products to enable education-oriented savings,” it added.

The President of the World Bank, David Malpass was quoted to have said: “The digital revolution has catalysed increases in the access and use of financial services across the world, transforming ways in which people make and receive payments, borrow, and save.

“Creating an enabling policy environment, promoting the digitalisation of payments, and further broadening access to formal accounts and financial services among women and the poor are some of the policy priorities to mitigate the reversals in development from the ongoing overlapping crises.”

The report also noted gaps in account ownership between richer and poorer, stating that, “on average around the world, poorer adults are less likely than wealthier ones to have an account. Among adults in the richest 60 per cent of households within economies, 74 per cent have an account. Among those in the poorest 40 per cent of households, 61 per cent do. That leaves a global gap between these two groups of 13 percentage points.

“The average gap across developing economies is similar and accounts for much of the global gap. In high-income economies account ownership is nearly universal among both groups.

“But sizable gaps also exist in economies where overall account ownership is relatively low, at about 50 percent or less. In the Arab Republic of Egypt, Ethiopia, Indonesia, Mexico, Nigeria, and Vietnam the gap is roughly 20 percentage points. Put differently, in these economies wealthier adults are about twice as likely as poorer ones to have an account,” it added.

Related Topics:Accessmagazine Accessnews AccessNewsMagazine business news NewsUpdate

Up Next

TikTok faces threat as Apple, Google plan removal from stores

Don't Miss

FCTA to engage 1,000 Almajiris in vocational training

Derrick Bangura

Click to comment

Headlines

Akwa Ibom APC Gears Up to Receive President Tinubu as Governor Umo Eno Joins Party

Published

4 days ago

June 20, 2025

Matthew Eloyi

The All Progressives Congress (APC) in Akwa Ibom State has announced its readiness to host President Bola Ahmed Tinubu and other top party leaders as it officially welcomes Governor Umo Eno into its ranks.

Speaking at a press briefing in Uyo on Friday, APC chieftain and former presidential aide, Senator Ita Enang, disclosed that the party was fully prepared to receive the president, Vice President Kashim Shettima, APC National Chairman, and governors elected on the party’s platform for the historic reception.

Governor Umo Eno had on June 6 formally defected from the Peoples Democratic Party (PDP) to the APC, in a move widely described as a political game-changer in Akwa Ibom.

Enang, a former Special Assistant to the President on National Assembly and Niger Delta Affairs, said the governor’s defection had effectively aligned the state with the central government.

He assured Governor Eno and his supporters that the APC would embrace them wholeheartedly and honour all agreements reached.

“As progressives, we shall work with the governor and his supporters to ensure that they fit into the party without hitches,” Enang stated. “We will also work with them to align programmes of the state government with the ideals and manifesto of the party.”

He further described the governor’s move as a “merger” that promises significant benefits for Akwa Ibom and its citizens.

The planned reception is expected to mark a major political event in the state, signaling a realignment of forces ahead of future elections.

Headlines

Ekiti Launches Aggressive Anti-Flood Campaign, Dredges Ofigba River

Published

4 days ago

June 20, 2025

Matthew Eloyi

The Ekiti State Government has intensified efforts to prevent flooding across the state with the launch of a comprehensive dredging campaign, targeting critical waterways in both rural and urban areas.

Chairman of the Ekiti State Environmental Protection Agency (EKSEPA), Chief Bamitale Oguntoyinbo, disclosed this on Friday during an inspection visit to the ongoing dredging project at the Ofigba River in Ise-Ekiti.

Oguntoyinbo, who was accompanied by EKSEPA board members, said the visit was to assess the progress of work being carried out to mitigate flood risks in the community. He expressed satisfaction with the pace and quality of the dredging work.

“I and other board members of EKSEPA are delighted with the level of job done by the site engineer because he is actually working with the directives of three-kilometer dredging of waterways,” he said.

According to him, the dredging commenced on June 4, and so far, 1.8 kilometers of the river have been successfully cleared.

He applauded Governor Biodun Oyebanji for prioritizing the safety and welfare of residents by initiating the state-wide anti-flooding campaign.

“I want to commend our amiable governor, Mr. Biodun Oyebanji, for embarking on zero tolerance campaign against flooding in every community and town in Ekiti,” Oguntoyinbo stated.

He also praised the General Manager of EKSEPA, Mr. Olukayode Adunmo, for his commitment to the project’s supervision and success.

In his remarks, Adunmo emphasized the urgent need to clear waterways choked by refuse, which impede water flow and contribute to flooding during the rainy season.

“Dredging of Ofigba River in Ise-Ekiti in Ise/Orun Local Government Area is necessary because some of the waterways have been blocked by refuse,” he explained. “There is the need for us to remove every blockage to enhance free flow of water and avert flooding during heavy rainfall.”

Adunmo also commended Governor Oyebanji for taking proactive steps to protect lives and properties across the state.

Residents of Ise-Ekiti have welcomed the government’s intervention. Chief Godwin Ojo, a community leader, expressed gratitude to the governor for his timely action.

“We thank the governor for the move to avert flooding in our community,” Ojo said. “May God grant him more wisdom to pilot the affairs of the state to an enviable height.”

The dredging campaign forms part of the Oyebanji administration’s broader commitment to environmental safety and disaster prevention.

Developmental

Tinubu to visit Kaduna Thursday to inaugurate key projects

Published

5 days ago

June 19, 2025

Saadatu Sahabo

Tinubu commiserates with Akwa Ibom governor over wife’s death

President Bola Tinubu is expected in Kaduna State Today Thursday for the inauguration of several key developmental projects executed by the administration of Gov. Uba Sani.

The News Agency of Nigeria (NAN) reports that the visit forms part of activities marking Sani’s two years in office.

The projects lined up for inauguration include the 300-bed Specialist Hospital in Millennium City, Kaduna, built by the state government to bolster the provision of healthcare services.

Tinubu will also inaugurate the Institute of Vocational Training and Skills Development in Rigachikun, road projects in Soba, and Samaru Kataf LGA’S as well as the 24-kilometre Kafanchan Township Road.

Others are the Tudun Biri Road, the 22km road linking Kauru and Kubau LGAs as well as the Vocational and Skills Training Centre in Tudun Biri.

Tinubu is also expected to unveil 100 Compressed Natural Gas (CNG) buses, as part of efforts to modernise the state’s public transportation system.

The projects are part of the administration’s focus on infrastructurde evelopment, healthcare delivery, youths empowerment, and economic growth.

The state government described the visit as a significant moment for the people of Kaduna and an opportunity to showcase ongoing efforts to transform the state through impactful governance.

Sani, who marked his second year in office this month, has prioritised human capital development, rural infrastructure, and jobs creation since taking office in 2023.

Tinubu’s visit to Kaduna State was rescheduled from Wednesday to Thursday.

He was initially supposed to visit Kaduna on Wednesday, but due to the recent attacks in Benue, he shifted his trip.

The president visited Benue on Wednesday to commiserate with the victims of the recent attacks and assess the humanitarian crisis.

During his visit to Benue, Tinubu met with stakeholders, including traditional rulers, political and community leaders, and youth groups, to seek lasting solutions to the hostilities.

He also condemned the ongoing violence and called on the residents to embrace peace and mutual understanding.

NAN recalls that the Benue Government had declared a work-free day for Tinubu’s visit, urging the residents to turn out in large numbers to welcome him.