TechBookyBusiness
No Result
View All Result
Wednesday, August 17, 2022
  • Login
  • Home
  • TechBooky
  • Africa
  • TV
  • Startup
  • Earnings
  • Crypto Price
  • Submit Article
  • Contact Us
  • About Us
Subscribe
TechBooky Business
No Result
View All Result
Home Economy

Financial Inclusion In Nigeria Grew To 45 Percent In 2021 – World Bank

Ibhadojemu Lucky Emmanuel by Ibhadojemu Lucky Emmanuel
July 4, 2022
in Economy
Share on FacebookShare on Twitter

According to a report by the World Bank titled “The Global Findex Database 2021: Financial Inclusion, Digital Payments, and Resilience In The Age Of COVID-19,” the international body stated that financial inclusion in Nigeria grew to 45 percent in 2021. In other words, the amount of Nigerians that have accounts at regulated institutions such as commercial banks, microfinance banks, fintechs, mobile money providers, etc., went up to 45 percent from a previous mark of 16 percent.

According to this same report, the total account ownership in developing economies grew by 30 percent, i.e., from 42 percent recorded ten years ago in 2011 to 71 percent in 2021. “From 2017 to 2021, the average rate of account ownership in developing economies increased by 8 percentage points, from 63 percent to 71 percent,” the World Bank said adding that “Mobile money is driving growth in account ownership, particularly in Sub-Saharan Africa, where 33 percent of adults have a mobile money account.” Global account ownership, on the other hand, grew by 50 percent, from 2011 to 76 percent in 2021.

“Individual economies saw different rates of growth over the past decade. Between 2011 and 2021, economies such as Peru, South Africa, and Uganda drove up the average with account ownership increases of 25 percentage points or more,” the bank said adding that “Other economies saw much smaller increases over longer periods. Pakistan, for example, grew by just 10 percentage points over the past decade, from 10 percent in 2011 to 21 percent in 2021. The Arab Republic of Egypt and Nigeria increased ownership by 18 percentage points and 16 percentage points, respectively—from 10 percent to 27 percent in Egypt, and from 30 percent to 45 percent in Nigeria.”

The bank emphasized the importance of having an account, saying that it is an important indicator for financial inclusion as it allows individuals to gain access to growth-promoting financial services.

“In some regions, the spread of mobile money accounts has created new opportunities to better serve women, poor people, and other groups who traditionally have been excluded from the formal financial system. Indeed, there are some early signs that mobile money accounts may be helping to close the gender gap,” the bank said emphasizing that mobile money had a huge role to play in the growth of account ownership in Nigeria and many other sub-Saharan African countries. “In Sub-Saharan Africa in 2021, 55 percent of adults had an account, including 33 percent of adults who had a mobile money account—the largest share of any region in the world and more than three times larger than the 10% global average of mobile money account ownership,” it wrote.

Total
1
Shares
Share 1
Tweet 0
Pin it 0
Share 0

Related Posts:

  • The Ugandan Central Bank Is Considering A Central Bank Digital Currency
    The Ugandan Central Bank Is Considering A Central Bank…
  • The Central Bank Of Nigeria Bans Cryptocurrency, Asks Banks To Shut Down Accounts
    The Central Bank Of Nigeria Bans Cryptocurrency, Asks Banks…
  • CBN Digital Currency Will Deepen Financial Inclusion, Says FDC
    CBN Digital Currency Will Deepen Financial Inclusion, Says…
  • The CBN Says Nigerians Without Internet-enabled Phones Will Be Able To Use The  e-Naira
    The CBN Says Nigerians Without Internet-enabled Phones Will…
  • South Africa Has Its Eyes On A Central Bank Digital Currency In The Long Term, Its Short Term Concerns Lie Around Regulating Crypto Assets
    South Africa Has Its Eyes On A Central Bank Digital Currency…
  • Sparkle Raises $3.1 Million To Scale Its Operations In Nigeria
    Sparkle Raises $3.1 Million To Scale Its Operations In…
  • What The Next Decade Could Look Like With Central Bank Digital Currencies (CBDCs)
    What The Next Decade Could Look Like With Central Bank…
  • The CBN Reiterates Its Stance On Cryptocurrency As it Sets To Launch Its Digital Currency In October
    The CBN Reiterates Its Stance On Cryptocurrency As it Sets…
Tags: economyfinancial inclusionnigeriareportSub-Saharan AfricaWorld Bank
Previous Post

Meta Is Shutting Its Novi Digital Wallet By September 1st

Next Post

South African Crypto-focused Company H20 Water Securities Secures $150 Million Funding Via The Sale Of Its H20N Token

Next Post
South African Crypto-focused Company H20 Water Securities Secures $150 Million Funding Via The Sale Of Its H20N Token

South African Crypto-focused Company H20 Water Securities Secures $150 Million Funding Via The Sale Of Its H20N Token

No Result
View All Result

Get top tech business news in your inbox

subscription from
Loading

Crypto Price List

  • USD
  • EUR
  • GPB
  • AUD
  • JPY
  • TadpoleTadpole(TAD)
    $7.32-1.74%
  • SEENSEEN(SEEN)
    $2.05-2.27%
  • EvedoEvedo(EVED)
    $0.082301-0.80%
  • MarginswapMarginswap(MFI)
    $0.184213-2.11%
  • SakeTokenSakeToken(SAKE)
    $0.0127135.28%
  • WTF TokenWTF Token(WTF)
    $0.0113500.17%
  • BNSD FinanceBNSD Finance(BNSD)
    $0.005461-5.83%
  • RobotinaRobotina(ROX)
    $0.00266138.50%
  • CageCage(C4G3)
    $0.005010-3.67%
  • YAM v2YAM v2(YAMV2)
    $4.70-1.41%

Recent Posts

  • Crypto Hacks Surged 60 Percent Between January And July 2022
  • Tencent Reports First-ever Revenue Drop, Takes A Hit From Covid-19 Resurgence And Increased Gaming Regulations
  • Nigeria Records E-payment Transactions Worth ₦204.5 Trillion Between January And July 2022
  • Tencent Music Reports Better-than-expected Second Quarter Revenue
  • Kenya’s Lori Systems Raises Series B Funding From Google And Others To Scale Its Digital Transport Management Solutions

Categories

  • Acquisition
  • Acquisition & Merger
  • App
  • Banking
  • Capital
  • Cryptocurrency
  • Earnings
  • Ecommerce
  • Economy
  • Enterprise
  • Event
  • Funding
  • Gadget
  • Government
  • internet
  • Investment
  • Market
  • Merger
  • Money
  • Partnership
  • Personnel
  • resume
  • Service
  • Social Media
  • Startup
  • Stocks
  • telecom
  • Tips
  • Venture Capital

Get top tech business news in your inbox

subscription from
Loading

Popular Tags

Acquisition africa amazon apple bitcoin china coinbase company crypto cryptocurrency e-commerce earnings earnings season elon musk facebook fintech Funding gadget google government india internet Investment ipo kenya microsoft money netflix nigeria payment payments Q1 Q2 revenue russia service shares social media Startup Stock tech tesla twitter Ukraine whatsapp

Calendar

August 2022
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
293031  
« Jul    

Categories

  • Acquisition
  • Acquisition & Merger
  • App
  • Banking
  • Capital
  • Cryptocurrency
  • Earnings
  • Ecommerce
  • Economy
  • Enterprise
  • Event
  • Funding
  • Gadget
  • Government
  • internet
  • Investment
  • Market
  • Merger
  • Money
  • Partnership
  • Personnel
  • resume
  • Service
  • Social Media
  • Startup
  • Stocks
  • telecom
  • Tips
  • Venture Capital

Recent News

  • Crypto Hacks Surged 60 Percent Between January And July 2022
  • Tencent Reports First-ever Revenue Drop, Takes A Hit From Covid-19 Resurgence And Increased Gaming Regulations
  • Nigeria Records E-payment Transactions Worth ₦204.5 Trillion Between January And July 2022
  • Tencent Music Reports Better-than-expected Second Quarter Revenue
  • Kenya’s Lori Systems Raises Series B Funding From Google And Others To Scale Its Digital Transport Management Solutions
  • Nigeria’s Pastel, A Bookkeeping And Digital Platform For Merchants, Secures $5.5 Million Seed Funding

© 2021 Techbooky Business - Design by Techbookyelite.

No Result
View All Result
  • Home
  • TechBooky
  • Africa
  • TV
  • Startup
  • Earnings
  • Crypto Price
  • Submit Article
  • Contact Us
  • About Us

© 2021 Techbooky Business - Design by Techbookyelite.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$23,349.00-2.54%
  • ethereumEthereum(ETH)$1,841.70-1.96%
  • tetherTether(USDT)$1.000.04%
  • usd-coinUSD Coin(USDC)$1.00-0.02%
  • binancecoinBNB(BNB)$305.57-3.55%
  • rippleXRP(XRP)$0.3788600.49%
  • cardanoCardano(ADA)$0.54-4.60%
  • Binance USDBinance USD(BUSD)$1.00-0.01%
  • SolanaSolana(SOL)$40.49-6.37%
  • dogecoinDogecoin(DOGE)$0.080510-6.70%
  • polkadotPolkadot(DOT)$8.40-5.14%
  • Shiba InuShiba Inu(SHIB)$0.000015-7.74%
  • AvalancheAvalanche(AVAX)$25.65-6.37%
  • matic-networkPolygon(MATIC)$0.89-5.47%
  • Terra Luna ClassicTerra Luna Classic(LUNC)$0.000071-5.36%