Nigeria’s financial exclusion rate has dropped to 21%, according to a new EFInA report. The A2F Survey reveals that while more Nigerians are accessing formal financial services, the benefits aren’t equally distributed, with the poorest quintile remaining significantly excluded.
The study also highlights a surge in digital finance usage, up from 47% to 64%, and a tripling of mobile money use. However, cash transactions persist, and challenges remain in credit, insurance, and financial resilience.
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