EFInA Access to Financial Services in Nigeria 2010 survey shows the main barriers for not having bank accounts include steady income, unemployment and distance to bank branches. EFInA hosted its second breakfast series to evaluate the ways agent banking can further the financial inclusion agenda, and to identify key success factors required to develop and sustain a viable agent banking network in Nigeria.

The EFInA Access to Financial Services in Nigeria 2010 survey, highlighted that only 0.8 million adults (1% of the adult population) has insurance. In terms of risks experienced in the household, 44.1 million adults have experienced the death of a relative; 42.4 million adults have experienced serious illness of a family member; 18.0 million adults have experienced theft of a household property, and 8.3 million adults have been involved in a vehicle accident. The top mechanisms for coping with these adverse experiences is doing nothing and using their savings.

Enhancing Financial Innovation & Access (EFInA) regularly host innovation fora and workshops to trigger debate and stimulate discussions on pertinent issues in the financial sector. Financial journalists are instrumental to the process of disseminating information and educating the populace on how to improve access to financial services and enhance financial inclusion in Nigeria.

In June, EFInA hosted its first Retail banking strategy breakfast series to evaluate the market opportunities for retail banking in Nigeria and to discuss how financial inclusion can promote economic development and wealth creation.

The low income mass market segment can and are willing to save. EFInA recently undertook a qualitative study to understand the savings habits of the low income population, their perceptions of formal financial services providers and the potential for using mobile phones to manage their finances. To present the findings of the study, EFInA hosted an Innovation Forum themed ‘Promoting Financial Inclusion through Effective Savings Mobilization’.