EFInA Access to Finance in Nigeria Survey 2008
Financial services – i.e. credit, savings, investments, insurance, and transmission services – provide the necessary lubricant for economic growth. Increased financial service access will contribute to reducing poverty in Nigeria. Readily accessible savings services will help to smooth consumption and offer a buffer in the family events and emergencies that typically plunge poor people into chronic poverty or tip those on the edge into poverty. Properly priced and risk-adjusted insurance products can help poor people achieve many of the same effects as good savings services, albeit in a more efficient leveraged way.
Access to appropriately structured and priced credit facilities will help poor Nigerians to leverage their own meagre resources, and take advantage of entrepreneurial and income-generating opportunities.
One of the biggest hurdles to improving access to finance is the absence of relevant and reliable data and analysis about how individuals and households manage finances including data about what financial products are used and why, who has access to what, at what cost and where.
The anchor activity
of EFInA is the Access to Finance in Nigeria survey which is based on FinscopeTM survey methodology.
• It is a nationally representative study of consumers perceptions on financial sevices and issues
which creates insight to how consumer source their income and manage their financial lives
• The sample covers the entire adult population, rich and poor, urban and rural, in order
to create a segmentation, or continuum, of the entire market and to lend perspective to the various market segments
• Profiles demand and needs across people of all incomes and geographic locations
• Documents usage of financial products across all types, both formal and informal
• Explores financial behaviour, attitudes, and interests, quality of life and household financial management, attitudes to and the use of technology and financial literacy
• It provides credible benchmarks of current financial penetration
• It highlights opportunities for innovation in product design and delivery
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