The EFInA Access to Financial Services in Nigeria 2010 survey showed that 25.4 million Nigerian adults are banked, which is equivalent to 30% of the adult population; whilst 49.2 million adults own a mobile phone which is equivalent to 58% of the adult population. Of the 49.2 million adults that own a mobile phone, 25.3 million are unbanked; this clearly demonstrates the potential for using mobile phones as a distribution channel for providing financial services to the unbanked........

In pursuit of our goal of providing credible market information on the Nigerian financial sector, EFInA firstly targeted the nearly vacant space of demand-side data by implementing the first cycle of EFInA Access to Finance Survey in 2008. EFInA has commenced the follow-up 2010 survey.

EFInA Innovation Grant Round 1 was completed in October 2009. We received and assessed 44 bids out of which one project was successful and received a grant of $1,500,000.