Sub-Saharan Africa’s unbanked adults (2021)
November 17, 2022
Lami Mabifa / Inclusion for all / Trade & the economy
According to the Findex 2021 report, 105 million adults in sub-Saharan Africa are unbanked and do not have a means of identification – Nigeria is home to over 60% of them with 64 million still unbanked.
At Inclusion for All Initiative , we know that ID ownership is a key enabler for financial inclusion because the poorer you are, the less likely you are to own an ID. EFInA’s 2020 A2F report tells us that 73% of the unbanked adults in Nigeria cited lack of documentation as the reason for not having a bank account.
For these reasons, the Inclusion for All Initiative remains unrelenting in its efforts to advocate for the removal of the barriers that keep the most vulnerable populations excluded from access to formal financial services.