Nigeria possibly has the highest number of unbanked population compared to other countries across the globe.
The acting Director General of the Securities and Exchange Commission (SEC), Ms Mary Uduk said.
She spoke in Lagos recently where she gave the crucial address at the Nigerian Stock Exchange (NSE) Data Workshop 2018.
Uduk said about 2 billion individuals and 200 million businesses remain excluded from the financial system across the globe.
According to the report, only 40 percent of Nigerian adults have bank accounts.
“Globally, about 2 billion adults remain unbanked—without an account at a financial institution.
The National Population Commission (NPC) pegs Nigeria’s estimated population at 198 million, the seventh largest in the world.
Nearly half of adults in high-income economies reported saving for old age.
According to the SEC boss, financial elimination is a universal issue so it’s not just a Nigerian problem alone.
In the European Union alone, 58 million people do not have access to a bank account.
In the US, 7% of households are totally unbanked and that is about 16 million adults.’’
Thankfully, she said SEC along with the CBN and other agencies have since developed a national financial strategy aimed at reducing adult exclusion from financial services to 30% by 2020.
Financial inclusion is on the rise globally.
The 2017 Global Findex database shows that 1.2 billion adults have obtained an account since 2011, including 515 million since 2014.
Between 2014 and 2017, the share of adults who have an account with a financial institution or rose globally from 62 percent to 69 percent.
In developing economies, the share rose from 54 percent to 63 percent.
Yet, women in developing economies remain 9 percentage points less likely than men to have a bank account.
This third edition of the database points to advances in digital technology that are key to achieving the World Bank goal of Universal Financial Access by 2020.