A survey report by Enhancing Financial Innovation and Access (EFInA) has shown that over 100 million Nigerians earn less than N700 per day which limits them to save, make income or take risks on loans thereby making them financially excluded.
The survey report titled: ” Assessment of Women’s Financial Inclusion in Nigeria, December 2019″, stated: “Approximately half of the Nigerian population earns less than N700 per day. Nigeria has the largest number of peop|e living in extreme poverty in the world. Nearly 50 percent of the population endures extreme poverty, the unemployment rate stands at around 23 percent and a significant portion of Nigerians lack adequate education.
“Often earning less than N700 Naira per day“, most men and women we met did not feel they had enough money to save, make investments, or take risks on loans.
“They devote the little income they have to live costs (e.g., food, rent, cooking fuel, and clothes) their children’s education. and occasionally, family and community events (eg, births.weddings and funerals).
They often considered the financial services they knew of (e.g., bank accounts and sayings groups) out of reach because they felt they did not have enough disposable income to make the necessary deposits. In general, they experienced a lack of control over their economic situation and often trusted in God to look after them.”