The number of Nigerians with accounts at regulated institutions such as a bank, credit union, microfinance institution, post office, or mobile money service provider, increased by 16 per cent to 45 per cent in 2021, according to the World Bank.
The global bank stated that global account ownership increased by 50 per cent from 51 per cent in 2011 to 76 per cent in 2021. Nigeria’s account ownership growth grew from 30 per cent to 45 per cent in the period under review.
The bank disclosed this in its ‘The Global Findex Database 2021: Financial Inclusion, Digital Payments, and Resilience in the Age of COVID-19,’ report. It said the overall account ownership in developing economies grew by 30 percentage points, from 42 per cent in 2011 to 71 per cent in 2021—a more than 70 per cent increase.
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