CBN’s survey on financial literacy, inclusion out Q1, 2015

The Central Bank of Nigeria (CBN) has said its recently conducted baseline survey on Nigeria’s state of Financial Literacy and Financial Inclusion would be published in the first quarter of 2015 (Q1 2015).
The apex bank said the survey data were currently being analysed, after which the results would be made public; which would also provide a guide to driving through the CBN’s consumer education, sensitisation and awareness campaign being undertaken by the Consumer Protection Department (CPD) of the apex bank.
Umma Aminu Dutse, the director of Consumer Protection Department of the CBN, revealed this in Owerri, Imo State, while flagging off a CBN consumer sensitisation and awareness campaign.
She stated that knowledge of the financial literacy level of Nigerians was key in appreciating the people’s confidence in the financial system, as well as the state of financial inclusion; which is at the base of a stable financial system in the country.
Surveys have shown that up to 67 percent of Nigeria’s adult population are unbanked. Other statistics estimate that more than 56 million Nigerian adults have never had bank accounts, or any form of transactions with a bank.
According to results of an EFInA Access to Financial Services in Nigeria 2012 survey, over 34.9 million Nigerian adults representing 39.7 percent of the adult population were financially excluded.  Only 28.6 million adults were banked, representing 32.5 percent of the adult population.
Financial inclusion is the provision of a broad range of high quality financial products, such as savings, credit, insurance, payments and pensions, which are relevant, appropriate and affordable for the entire adult population, especially the low income segment.
Evidence worldwide shows that access to financial services contributes both to economic growth and wealth creation. For Nigeria it is key to tackling the ‘poverty’ trap, said EFInA.
Dutse said promoting a sound financial system was one of the core mandates of the CBN, which can be achieved through the pursuit of policies and programmes that would enhance stability of the financial system.