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OVERVIEW
A recent Finscope Survey by EfinA in 2008 has shown that about 80% of Nigerians do not have bank accounts with Financial Institutions which makes them Financially Excluded and lack Access to Finance. The primary reasons are hardcore poverty and a low level of Financial Literacy.
 
BACKGROUND
  • The Nigerian Financial sector has grown at an astronomical rate since the consolidation of the banking sector in 2005
  • Less than 21% of the population in Nigeria have bank accounts which is the mirror image of the developed world where 90-95% has bank accounts.
  • The Lack of Access to Finance amongst the Underserved is responsible for the persistent increase in the level of poverty and the poor standard of living in the country.
  • Millions of Naira are trapped within the bottom of the pyramid and left untapped. If tapped and ploughed into the financial sector by creating awareness on Savings, can improve the Nigerian Economy.
FACTS
  • 79% of Nigerians are excluded from formal financial services
  • 85% of the Unbanked population are females .
  • 86% of the rural population are unbanked.
  • Many in these categories lack information about banks.
  • Most cannot read or write, and prefer dealing with cash .
  • 55% use bank for savings purposes, while 19% use it to prevent theft.
  • 3% use Microfinance banks .
   
THE NEED FOR FINANCIAL LITERACY IN NIGERIA

In countries with diverse social and economic profile like Nigeria, Financial Literacy is particularly relevant for poor households as they are vulnerable to persistent financial pressures. Building financial capacity in Nigeria represents a big step in helping consumers to acquire the skills and knowledge to be capable, confident, and self-reliant when making financial decisions.

Promoting Financial Literacy and creating Credit Awareness among Nigerians provides them with the essential knowledge and financial responsibility to make decisions that will better their lives and ultimately grow the economy.


 
 
 
CREDIT AWARENESS AND FINANCIAL LITERACY

Credit Awareness in collaboration with the Central Bank of Nigeria, the World Bank and other stakeholders conceived the consumer education on rural financial services as a platform that brings all stakeholders together to promote, educate and share information on issues that will enhance and deepen awareness and appreciation on the rights and responsibilities Financial Institutions, their clients and other stakeholders.

Consequently, Credit Awareness decided to launch a Nationwide campaign tagged “Credit Awareness” on Credit Awareness and Financial Literacy. The launch will bring together the Financial Institutions, Financial Sector Development partners, other stakeholders as well as clients of Microfinance Institutions. This is in line with global trends on consumer education and protection campaign for fair and respectable treatment of consumers of financial services who are constantly taken for granted by the financial institutions

 
 
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