Financial inclusion in Nigeria: Eye service only
Financial inclusion.  Source: Stears Business

What is the big deal about having a bank account?

Your bank account is one of the most important innovations in history. At a basic level, it allows you to track and store your money without living with a lump in your mattress, but it does even more: a bank account ought to be a gateway to a raft of financial services like payments, loans, remittances, and insurance.

No nation in the world can build sustainable wealth until most of its citizens can access and afford these services. That is why financial inclusion is such a big deal. It is not just a “nice-to-have”; it is a necessary condition (and consequence) of sustainable development.

Knowing this, most developing countries set financial inclusion targets and implement related policies. For example, Nigeria initially targeted a national inclusion rate of 80% by 2020.

What does that 80% target mean, though?

Most countries use

Don’t limit your understanding. Join the Premium community to continue reading.

Michael Famoroti

Michael Famoroti

Read Latest

The coronavirus vaccine is here: Was it made too quickly?

PREMIUM - 04 DEC 2020

No food for lazy man: The struggle for corporation tax in undeveloped economies

PREMIUM - 03 DEC 2020

Carbon vs Kuda: The experiment to improve banking for digital natives

PREMIUM - 02 DEC 2020

Iran’s oil exports under Biden and the impact on Nigeria

PREMIUM - 01 DEC 2020